The oil price is rising in the wake of increased tensions in the Middle East.
The price of a barrel of North Sea oil, Brent, has increased by 2.7 percent to 80.70 dollars on Wednesday afternoon. American WTI oil costs around 77 dollars after climbing over 3 percent.
The increase comes after the death of Ismail Haniya, the top leader of the terrorist-listed Hamas, in Iran's capital Tehran. Hamas blames Israel for the deadly attack and promises retaliation.
Last weekend's attack on the Golan Heights, annexed by Israel – and Israel's response to Hizbollah in Beirut, Lebanon's capital – also contributes to the unease.
What the market fears is that an escalated conflict will affect production and export from the region.
The price of crude oil still appears to be falling by around 7 percent in July as a whole.
The price of gold is also rising, and an ounce of the precious metal now costs around 2,420 dollars.
