Oil Prices Jump as Israel Carries Out ‘Precise Strike’ on Hamas in Qatar

Smoke after explosions in Qatar’s capital Doha on Sept. 9. (Photo by JACQUELINE PENNEY/AFPTV/AFP via Getty Images)

Global oil prices jumped in early Tuesday trading following reports that Israel targeted senior Hamas officials with a missile strike in Doha.

Al Jazeera, citing sources close to the Palestinian group that is fighting a war with Israel over control of Gaza, said the attack occurred during ceasefire discussions taking place in the Qatari capital.

The Israeli Defense Force (IDF) said in a media statement that it carried out a “precise strike” on the senior leadership of Hamas, but didn’t indicate where it took place.

Created with Highcharts 9.0.1Source: FactSetNote: continuous futures contractsAs of Sept. 9, 3 p.m. ET

Created with Highcharts 9.0.1Brent crude Oil Continuous ContractWest Texas IntermediateSept. 8Sept. 9-0.2500.250.500.751.001.251.501.752.00%

Oil prices moved swiftly higher following news of the attack, which could raise concerns of the conflict spreading into the wider region. Qatar produces around 1.7 million barrels of oil per day and is the world’s third-largest exporter of liquefied natural gas.

Brent crude futures prices for November delivery, the global pricing benchmark, were 1.4% higher on the session and trading at $66.96 a barrel.

WTI contracts for October , which are tightly linked to U.S. gasoline prices , jumped 1.5% to $63.21 a barrel.

Write to Martin Baccardax at martin.baccardax@barrons.com