Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Oil Tops $40 on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold

By Jason Farago, Newser Staff

Posted Dec 29, 2008 6:01 AM CST

(Newser) – The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100 a barrel since July. The president of OPEC said this weekend he expected the price of oil to stabilize over the next two months as output cuts take hold.

[Images (3)]

[Quotes (1)]

The price of crude jumped 8% today as violence raged in the Gaza Strip. (AP Photo/Hasan Jamali)

« Prev« Prev | Next »Next » Slideshow

Geopolitics had disappeared from the oil scene for the last couple of months but will regain some price premium with the latest Israeli attack in Gaza. - Olivier Jakob, oil consultant at Petronomix

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Iran Blockade Could Send Oil Up 50%

But international forces would win the ensuing conflict

(NEWSER) - If Iran ever really closed off the Strait of Hormuz—as it threatened to last week —oil prices could spike more than 50% in a matter of days, analysts tell the New York Times , with even a partial closure likely resulting in a $50-per-barrel increase. “You would get an international reaction that would not only be high, but irrationally high,” says the head of one energy think tank. More»

Saudi Royal Offers $900K for Capture of Israeli Soldier

Prince brings cleric's bounty to $1M

(NEWSER) - Israel's freeing of a thousand Palestinian prisoners in return for one captured soldier must have sounded like a pretty good deal to Prince Khaled bin Talal. The Saudi royal, brother of billionaire Prince Alwaleed bin Talal, has added $900,000 to a prominent Saudi cleric's offer of $100,000 to anybody who captures an Israeli soldier, Reuters reports. More»

Gilad Shalit Healing After Isolation: Dad

Noam Shalit 'understands price we are paying' for release

(NEWSER) - Israel soldier Gilad Shalit is home and “happy,” but he’s still recovering from five years’ imprisonment, his father says. “In isolation,” Gilad “had no connection with his people, with his own language,” Noam Shalit told members of the media, including the Jerusalem Post . Lack of sunlight and mistreatment in captivity have contributed to health problems, Shalit said, though he noted that prison conditions improved over the years. More»

Israel to Free Bombers, Killers in Soldier Swap

Jerusalem releases names of first prisoners to be freed

(NEWSER) - The founders of Hamas' militant wing. The organizer of a Jerusalem bombing that killed 15. A woman who lured a lovelorn Israeli teen to a Palestinian city to be murdered. All will be released in Israel's planned swap of Palestinian political prisoners for a single kidnapped Israeli solder, the New York Times reports. Israel today revealed the names of the first 477 prisoners to be exchanged for Gilad Shalit on Tuesday. More»

Israel Freeing 1K Palestinians to Bring Soldier Home

Government strikes deal with Hamas for Gilad Shalit

(NEWSER) - After more than five years as a captive of Palestinian militants, soldier Gilad Shalit will be home within days, the Israeli government says. Shalit, now 25, was 19 when he was captured during a cross-border raid in 2006, and his captivity has long been an emotional issue in Israel. To secure his release, the Israeli government has promised Hamas that it will free 1,027 Palestinian prisoners, close to a fifth of all Palestinians held by Israel, the BBC reports. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Oil Tops $40 on Gaza Turmoil