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Oil price rises on Gaza conflict Oil price rises on Gaza conflict
(about 3 hours later)
The price of oil has risen on fears of heightened tension in the Middle East following Israel's offensive in the Gaza Strip. The price of oil has risen briefly on fears of heightened tension in the Middle East following Israel's offensive in the Gaza Strip.
US light, sweet crude was up 86 cents to $47.20 a barrel, although it had reached $48.68 earlier on Monday. US light, sweet crude peaked at $48.68 a barrel, before falling back to trade at $46.44, up 10 cents on the day.
The price of Brent crude was up 61 cents to $47.52 a barrel. The price of Brent crude was down 1 cent at $46.90 a barrel.
"The Gaza conflict added to the geopolitical risk premium embodied in the oil price," said David Moore of Commonwealth Bank of Australia. Opec sources have said that is is highly unlikely that the oil producers' cartel will follow Iran's call to boycott supporters of Israel.
Oil prices rose following a report that an Iranian military commander had called for Islamic countries to cut oil exports to Israel's supporters. Among Opec's biggest producers are Saudi Arabia, Kuwait and the United Arab Emirates, all of which have good relations with the United States.
Production cuts
An Iranian military commander had suggested earlier that oil supplies should be withheld to put pressure on Israel's allies.
Separately, Iran's Opec representative Mohammad Ali Khatibi said that the cartel would hold an extraordinary meeting in Kuwait in February.
Opec has already agreed to production cuts of 4.2 million barrels per day, but prices have not risen in response.
There remains concern among traders about how severely the deepening downturn will reduce global demand for oil.
Traders have also been worried about the continuing gas dispute between Russia and Ukraine.Traders have also been worried about the continuing gas dispute between Russia and Ukraine.
Several EU countries have reported a drop in supplies after Russia cut off gas to Ukraine on New Year's Day in a row over unpaid bills and a new price contract.Several EU countries have reported a drop in supplies after Russia cut off gas to Ukraine on New Year's Day in a row over unpaid bills and a new price contract.