The horrific events in southern Israel this weekend have seen oil prices rise and concerns will undoubtedly build over an escalation in the region. As Warren Patterson discusses in his oil note today, questions will be asked as to Iran's involvement in the Hamas attack and how both Israel and the US respond. At around three million barrels per day, Iran is proving to be this year's key marginal supplier of oil, and a further geopolitical risk premium could be built into crude should sanctions against Iranian crude be enforced more vigorously or any more direct form of response take place. Higher oil prices will add ... (full story)