As a result of violent clashes between Israel and the Palestinian Islamist group Hamas, which sparked concerns that a wider conflict could threaten Middle Eastern oil supplies, oil prices soared 4% on Monday, recovering some of the sharp losses suffered last week.

Brent crude edged up by 3.6%, to $87.59 per barrel meanwhile US WTI added 3.8% at $85.89 per barrel.

The largest weekly drop in oil prices since March occurred over the past week. As worries about the state of the global economy grew, Brent lost approximately 11% of its value and WTI lost more than 8%.

The biggest military attack against Israel in years was started by Hamas on Saturday. Israel responded by launching a barrage of airstrikes on Gaza.

According to maritime and trade sources, Ashkelon's oil facility and port have been closed as a result of the confrontation between Israel and the Islamist organization Hamas.

The outbreak of violence poses a threat to American efforts to mediate a reconciliation between Saudi Arabia and Israel, wherein the kingdom would normalize relations with Israel in exchange for a defense agreement between Washington and Riyadh.