The oil and gas markets are expected to experience another week of instability due to Israel’s ground assault on Gaza.

The primary concern is the potential escalation involving other regional nations, as the Middle East region is responsible for around one-third of the global oil supply.

Iran, known for its support of Hamas and other terrorist groups, has recently stated that the intrusion might compel all parties involved to respond.

The increase in ground operations by Israel has resulted in a rise in crude trading, with West Texas Intermediate experiencing a significant surge of up to 3.2%, surpassing the $85 per barrel mark.

However, the current price of the commodity has not surpassed its peak level since the conflict began, hovering slightly around $90.

Concerns about the war expanding into a wider regional conflict may affect oil supplies, contributing to the upward risks associated with oil prices.