Oil Surges On 1-Year Hamas Attack Anniversary As Israel Mulls Iran Retaliation

One year after the Oct. 7 Hamas attack on Israel, which led to the ongoing war in Gaza, oil prices continue their ascent, marking the strongest five-day rally in two years.

The recent escalation in the region, combined with heightened concerns about potential Israeli retaliation against Iran, has pushed crude oil up by more than 11% over the last five sessions, with West Texas Intermediate (WTI) light crude, as tracked by the United States Oil Fund USO, overcoming $75 a barrel on Monday.

Investors fear that any direct confrontation between Iran and Israel could disrupt oil supplies from the region, particularly from the Strait of Hormuz, a key shipping lane for global oil transport.

Oil Prices Mark Strongest 5-Day Gain As Israel-Iran Tensions Escalate

On the anniversary of the Hamas attack that claimed over 1,200 lives and saw more than 200 people taken hostage, the region remains engulfed in conflict. Fighting has continued on multiple fronts — in Gaza, Lebanon and Israel — fueling fears of broader instability across the Middle East.

Israeli airstrikes have intensified, particularly targeting Hezbollah strongholds in Beirut, as the conflict with Iran-backed forces heats up.

Over the weekend, Israel launched a new offensive in northern Gaza, forcing hundreds of Palestinians to flee.

Israeli Defense Minister Yoav Gallant has indicated that the country is preparing for potential retaliation against Iran for last week's missile barrage.

Although Israel is closely coordinating with the U.S., Gallant emphasized in an interview with the CNN that Israel will make its own decisions on how to respond, stating that “everything is on the table.”

Iran’s Khamenei Provokes Israel; Biden, Harris Double Down On Cease-Fire Efforts

In a provocative statement, Iranian Supreme Leader Ayatollah Ali Khamenei said Monday that the Oct. 7 attacks by Hamas last year "set the Zionist regime back 70 years." He made the comment in a post on X, timed to coincide with the exact moment the attacks began one year ago.

At the same time, the Israeli military released its own statement, noting that "one year ago today, our country's history was forever changed."

President Joe Biden and Vice President Kamala Harris issued a statement reiterating their commitment to achieving a cease-fire.

"It is far past time for a hostage and ceasefire deal to end the suffering of innocent people," they wrote.

“We also continue to believe that a diplomatic solution across the Israel-Lebanon border region is the only path to restore lasting calm and allow residents on both sides to return safely to their homes,” they added.

Read Next:

• Trump Urges Israel To Target Iran Nuke Sites: ‘Hit Nuclear First And Worry About The Rest Later’

Photo via Shutterstock.