Crude oil prices surge after Hamas leader’s killing in Iran

Ahead of Thursday”s meeting of the Organization of the Petroleum Exporting Countries (OPEC), oil prices shot up early on Wednesday morning following reports on the killing of Hamas leader, Ismail Haniyeh, in Iran.

A barrel of benchmark U.S. WTI crude rose by 2.47% to $77.20 while the Brent Crude increased by 2.04% to $80.67.

Hamas confirmed Haniyen’s death, claiming he had been killed by a “treacherous Zionist” attack on his residence in Tehran.

Haniyeh was in Iran to attend the swearing-in ceremony of the country’s new president.

READ ALSO: UN chief begs Israel, Hamas to end Gaza war

He was killed a day after Israel killed Hezbollah senior commander, Fuad Shukr in an air strike on Beirut, Lebanon.

Expectations of escalation invariably push oil prices higher after hitting their lowest levels in seven weeks on Tuesday.

By: Babajide Okeowo

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