The price of oil increased toward $109 per barrel amid worries of conflict in the Middle East.
According to Reuters, the rise in price was moderated a bit due to stockpiles of the commodity.
Brent crude oil increased 70 cents to $108.71 due in part to concerns about tensions between Israel and Hamas over Gaza. Bloomberg reports that Israel increased its bombing efforts in the region and Palestinian missiles hit around Tel Aviv and Jerusalem.
Also affecting the price of Brent were disruptions in the North Sea operations of Norway's largest energy firm, Statoil ASA.
Despite the worries, Samuel Ciszuk, an analyst at KBC Energy Economics, said that much more would need to happen in Gaza before the price of oil increased drastically.
"If we would see protests erupting on a very large scale in Egypt, putting pressure on the government to do something radical and/or popular protests spreading through the region, then we could start saying that risks to supply are increasing," he told Reuters.
The price of oil was also reportedly tempered by the slowing of the worldwide economy, which has caused demand for the commodity to slow.
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