Oil rises 1% after Israeli attack in Qatar

Oil prices rose more than 1% on Tuesday after the Israeli military said it carried out an attack on Hamas leadership in Qatari capital Doha, an expansion of its years-long military campaign across the Middle East.

Qatar, a major global energy exporter, condemned the attack as "cowardly" and called it a violation of international law.

Brent crude futures rose 74 cents, or 1.1%, to $66.76 a barrel by 11:39 a.m. ET, after hitting a session high of $67.38. U.S. West Texas Intermediate crude futures also climbed 74 cents, or 1.2%, to $63 a barrel.

The attack on Qatar came hours after Israel said it was about to obliterate Gaza City. Analysts called it a major escalation of Israel's military campaign across the Middle East.

"The escalation could cause a response for more Arab nations to take a harder stance on Israel," StoneX analyst Alex Hodes said.

Iran, the United Arab Emirates, Turkey and Saudi Arabia, de facto leader of the OPEC+ group of oil exporters were among countries that condemned the attack in Qatar.

Israel has previously launched attacks on Iran, Syria, Lebanon and Yemen as part of its nearly two-year campaign in Palestine, which has killed more than 64,000 people according to local authorities.