"Israel-Hamas Conflict Raises Concerns over Oil Prices"

Oil prices are being closely monitored as Western diplomats warn Iran against getting involved in the Israel-Hamas conflict, which could potentially lead to a ground invasion of Gaza by Israeli forces. Crude futures opened slightly lower, reflecting concerns over the escalation of the conflict. Iran has warned of potential escalation and stated that others in the region are prepared to act. There are fears that Iran-backed Hezbollah could open a second front, prompting Israel to close its northern border with Lebanon. The White House has expressed concerns about the risk of escalation and has shifted naval forces to deter any state or actor seeking to exploit the situation. French President Macron has also warned against any escalation, urging Iran to avoid a regional flare-up. Oil prices rose sharply on Friday due to fears of the conflict spilling over and potential disruptions to oil supplies from the Middle East.