The crude oil market is witnessing a rise due to escalating tensions in the Middle East following the killing of an Egyptian soldier in a clash with Israeli forces, according to a report by Saxo Bank.

The price of West Texas Intermediate (WTI) crude oil also rose nearly 1% from Friday's close to close to $79 per barrel, while Brent crude oil traded near $83.

Meanwhile, gold surpassed $2,350 per ounce, and silver jumped 4.50% to exceed $31 on Monday, with expectations that these gains will continue through May.

This increase was attributed to strong demand for safe-haven assets.

Conversely, wheat saw an uptick, reaching its highest level in 43 weeks at $717.25 per bushel, marking a 17.47% increase over the past four weeks and a 15.83% increase over the past 12 months.

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