Crude oil and oil stocks rose early Monday following Hamas’ attack on Israel and the growing threat of a wider war.

WTI crude oil, the U.S. standard grade, was up 3.82% and Brent, the global standard, was up by nearly as much. WTI was still far from its recent high of $93.68 per barrel, trading early on Oct. 9 at $85.95.

Exxon Mobil (NYSE:XOM), which is trying to buy Pioneer Natural Resources (NYSE:PXD), was up 2.5%. Pioneer, which had risen 10% on the deal Friday, was up another 1.7%. Chevron (NYSE:CVX) was up almost 3%, to nearly $167 per share, a gain of $9 billion in market capitalization. Israel has asked Chevron to take its Tamar gas platform offline due to safety concerns.

Oil Stocks Spike on War Concerns

How much crude oil and oil stocks rise depends on how long the war lasts and how wide it becomes. Battles within Israel were declared over on Oct. 9. Israel has announced a “total blockade” of Gaza, including food and water. There are about 2 million people subject to the blockade.

Analysts say the market contagion is unlikely to spread unless Israel attacks Iran, which it blames for Hamas’ attack. Over 1,000 people, including four Americans, are known dead, with the toll likely to rise.

This is not the only war oil traders need to watch. Tensions are rising between Venezuela, a major oil exporter, and its neighbor Guyana, where Exxon Mobil has reported major oil discoveries. There are also fears of conflict over oil in Libya and Sudan.

What Happens Next?

Oil is an increasingly unreliable source of fuel, but OPEC expects demand to continue increasing through 2045. The International Energy Agency, by contrast, sees oil demand peaking this decade.

As of this writing, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.