"Global Economic Outlook Shaken as Hamas Attack on Israel Sparks 4% Surge in Oil Prices"

Oil prices surged by 4% following a surprise attack on Israel by Palestinian militants Hamas, extending the Israel-Hamas conflict into its third day. While the conflict does not directly threaten major oil supplies, concerns arise over potential regional escalation and the involvement of Iran and Lebanese militant group Hezbollah. If western countries link Iranian intelligence to the attack, Iran's oil supply and exports could face downside risks. With 40% of world exports passing through the Strait of Hormuz, a conflict between Israel and Iran could lead to a $5 to $10 increase in oil prices.