Washington | Oil prices surged on Monday (Tuesday AEDT) as fears grow of an escalating conflict in the Middle East, even as analysts said a strike on oil facilities in the region was unlikely.
Brent crude jumped 3.7 per cent to $US80 a barrel – its highest price since August – as Israel faced attacks on three fronts, underscoring how far the conflict has widened and intensified in the year since the Hamas terrorist attacks.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
