Oil price rises after Israel-Hamas truce is announced

November 22, 2012 04:32

The price of oil rose today afternoon following the announcement of a cease-fire agreement to end a week of fighting between Israel and Hamas militants. Benchmark oil rose 33 cents to USD 87.08 a barrel in New York.

It climbed as high as USD 87.89 in the morning. Oil fell nearly 3 percent yesterday. The truce was announced by Egypt's foreign minister and confirmed by Israeli Prime Minister Benjamin Netanyahu. The deal is to end a week of fighting that has killed more than 140 Palestinians and five Israelis.

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