Global oil prices surged on Wednesday, pushing U.S. crude closer to $90 a barrel, in response to the escalation of the conflict between Israel and Hamas. The bombing of a hospital in Gaza, which occurred just before President Joe Biden’s visit to the region, added fuel to the already heated situation. The exact cause of the bombing is still disputed, with Israel claiming it was a result of a malfunctioning Hamas rocket and Gaza officials asserting it was a targeted attack by the Israeli Defense Force. In the aftermath of the bombing, Jordan and Palestinian leader Mahmoud Abbas canceled their planned meetings with Biden, while other Arab states criticized Israel. Saudi Arabia specifically called for the international community to reject “double standards and selectivity in the application of international humanitarian law.” Financial experts warn that if tensions in the Middle East continue to rise during Biden’s visit, oil prices could surge even further, causing disruptions in oil supply chains.
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