Oil gains nearly 3% on rising Mideast tension

Hamas' top political leader was killed Wednesday by a predawn airstrike in the Iranian capital.

Oil prices jumped on the news after a conflict escalation in the Middle East heightened tensions in a region that produces about a third of the world's oil.

On the news, WTI crude recovered to above US$75.68 a barrel, up 1.27%, while gold rose 0.3%.

Global benchmark Brent crude futures for September delivery, which expired on Wednesday, settled up US$2.09, or 2.66 percent, at US$80.72 a barrel. The more active October contract gained US$2.77 to US$80.84.

US West Texas Intermediate (WTI) crude futures rose US$3.18, or 4.26 percent, to settle at US$77.91 a barrel, their biggest daily gain since October 2023.

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