Oil spikes above $63 as Israeli strike in Qatar sparks geopolitical jitters

Middle East tensions reignite risk for crude; markets eye rate cuts, OPEC+ supply moves

Last updated: September 09, 2025 | 18:23

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Dubai: Oil prices rose after reports of an Israeli military strike in Qatar raised fresh concerns about growing conflict in the Middle East.

The U.S. oil benchmark, West Texas Intermediate (WTI), climbed 1.5% to over $63 a barrel. The move came after explosions were reported in Doha, with sources saying the attack targeted top Hamas officials. Hamas is labeled a terrorist group by the U.S. and Europe.

Smoke was seen over the Katara District, though the area isn’t known for housing any major oil or gas sites.

Oil was already on the rise as global stock markets gained, fueled by hopes that the U.S. Federal Reserve might cut interest rates soon. A small planned supply increase from OPEC+ also helped ease concerns about Saudi Arabia lowering prices for most of its oil exports.

Also Read: Qatar issues strong statement after blasts heard in Doha

Justin VargheseYour Money Editor

Justin is a personal finance author and seasoned business journalist with over a decade of experience. He makes it his mission to break down complex financial topics and make them clear, relatable, and relevant—helping everyday readers navigate today’s economy with confidence. Before returning to his Middle Eastern roots, where he was born and raised, Justin worked as a Business Correspondent at Reuters, reporting on equities and economic trends across both the Middle East and Asia-Pacific regions.