Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. U.S. West Texas Intermediate (WTI) crude rose 3 cents to $86.00 a barrel.
Brent and WTI surged more than $3.50 on Monday as the military clashes raised fears that the conflict could spread beyond Gaza, but settled lower in Tuesday’s session. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year.
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