NEW YORK (CNNMoney) -- Oil prices rose further Monday as violence between Israelis and Palestinians ignited fears that that the conflict could spread throughout the region.
In New York, oil prices rose roughly $2 to $89 a barrel a day after an Israeli airstrike killed 10 people in one home in the Gaza Strip. Crude prices are up roughly 4% since the fighting erupted early last week.
Analysts, who see the oil market as oversupplied, said the general tension in the region was the only thing pushing prices higher.
Advertisement - story continues below
"It's largely the Middle East violence upholding prices," said Reagan Blackmon, an oil analyst at the investment bank Canaccord Genuity in Houston.