0740 GMT – Oil prices are rising as worries mount that the conflict in Israel and Gaza could spill over into the wider region. Brent crude is up 1.7% to $87.44 a barrel while WTI 1.9% higher at $84.52 a barrel. “The risk to oil markets is if the conflict broadens,” ANZ says in a note. If Iran becomes involved with the conflict up to 20 million barrels of oil a day could be affected by either direct disruption or through obscured logistics, ANZ says. It adds that if tensions do rise, Saudi Arabia may look to end its voluntary production cut early. “However, we expect they will remain in place for what is left of this year, which would push the market into a deficit of 2mb/d in the final quarter.” ([email protected])