Oil prices surged on Monday as investors remain concerned over the uncertain situation in the Middle East.
The hikes come as a fragile two-week ceasefire between Iran and the U.S. is due to end on Wednesday, while a possible second round of negotiations were thrown into doubt after the U.S. seized an Iranian-flagged cargo vessel in the Strait of Hormuz.
West Texas Intermediate crude for May delivery surged 6.87 percent to settle at 89.61 U.S. dollars per barrel on the New York Mercantile Exchange. Brent crude for June delivery gained 5.64 percent to settle at 95.48 dollars per barrel on the London ICE Futures Exchange.
The Strait of Hormuz, a vital shipping corridor accounting for around 20 percent of global oil flows, has effectively been closed to oil tanker transit since the outbreak of conflict in the Middle East at the end of February.
Oil prices jumped sharply on Monday amid Middle East uncertainty
Oil prices jumped sharply on Monday amid Middle East uncertainty
The European Union and the United Nations issued a joint report on Monday saying that human development across Gaza has been set back by a staggering 77 years, with 71.4 billion U.S. dollars needed over the next decade for its recovery and reconstruction.
According to the Final Gaza Rapid Damage and Needs Assessment, jointly conducted by the EU and UN with the World Bank, 26.3 billion U.S. dollars will be needed in the first 18 months to restore essential services, rebuild critical infrastructure and support economic recovery.
Physical infrastructure damages are estimated at 35.2 billion U.S. dollars, with economic and social losses amounting to 22.7 billion U.S. dollars from the Israel-Hamas war that began on October 7, 2023.
The report finds that all sectors have been devastated, including housing, health, education, commerce and agriculture.
In Gaza, at least 371,888 housing units have been destroyed or damaged, more than 50 percent of hospitals are non-functional, and nearly all schools have been destroyed or damaged. The economy has contracted by 84 percent.
The impact on the lives of Gazans is just as devastating: more than 60 percent of the population have lost their homes and 1.9 million people displaced, often multiple times. Women, children, persons with disabilities, and those with pre-existing vulnerabilities bear the greatest burden.
Over two years of conflict has resulted in more than 71,000 Palestinian fatalities and over 171,000 injured, according to local authorities, with many still missing under the rubble.
Gaza's reconstruction in next decade needs 71.4 billion US dollars: report
