The Israel Hamas conflict has now become the reason for the latest jump in crude oil prices. Despite the worldwide criticism against its attacks, Israel is going ahead with ground offensive.

That could give further impetus to crude oil as it heads back to the $50 mark.

As Israel continues to pound Palestine with 400 Palestine residents killed, its offensive against the Hamas has given crude oil speculators a reason enough to push prices up.

Crude oil prices jumped nearly 23 per cent last week, the highest percentage in 22 years and the middle-east conflict ensures that it continues to rise.

The reason being that traders see shortfall in supplies as conflict escalates and the battle is not just confined to the attacks on the ground.

Manouchehr Mottaki, Iranian Foreign Minister said, “The biggest mistake of the Zionist regime would be entering Gaza on the ground. They have to know that nothing will be left of them (if they attack Gaza from ground).”

However, Shimon Peres, President of Israel said that if there were somebody that could stop terror with a different strategy, they would accept it.

“We shall not accept the idea that Hamas will continue to fire and we shall declare a ceasefire. It does not make any sense,” he said.

As hundreds of Palestinian refugees marched through the streets of camps in south Lebanon, oil traders said that the prices could head up, just like they have every time there has been an unrest in the Middle East.