The crisis in the Middle East, which seems increasingly out of control after the assassination of Hamas political leader Ismail Haniyeh, is driving up oil prices. Clearly, there are concerns about the possible escalation of the situation that could affect supply.

Thus, in the late morning of August 1, Brent futures rose 71 cents to $81.55 (+0.9%) per barrel. West Texas Intermediate crude oil rose 72 cents to $78.63 (+0.9%).

“Oil markets are rightly concerned that Haniyeh’s assassination will lead Iran to war with Israel. And that could jeopardize Iran’s oil supply and related infrastructure,” Reuters explains, quoting Commonwealth Bank of Australia analyst Vivek Dhar. Data from the Energy Information Administration (EIA) will also boost prices, explaining how strong demand caused US crude supplies to fall by 3.4 million barrels in the week of July 19-26.