Ammon News - Oil prices were up more than $3 a barrel in Asian trade on Monday as military clashes between Israel and Hamas deepened political uncertainty across the Middle East and raised concerns about supplies.

Brent crude rose $3.10, or 3.67%, to $87.68 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $86.05 a barrel, up $3.26, or 3.94%. Both benchmarks had jumped more than $4 a barrel earlier, before easing slightly.

"Increasing geopolitical risk in the Middle East should support oil prices ... higher volatility can be expected" analysts from ANZ Bank said in a client note.

Reuters