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Oil prices have surged after a shock attack on Israel by Hamas over concerns it will increase tensions across the Middle East.

“It does have an impact on the things that we trade internationally – oil … literally lubricates the world economy,” The Motley Fool Chief Investment Officer Scott Phillips told Sky News Australia.

Oil prices have jumped about four per cent for West Texas Intermediate and Brent Crude.

“It’s ... a question of how much more broadly does this potentially spread,” Mr Phillips said.

“Do we talk about potential blockades, potential sanctions, disruption to supply? Those are the questions that the markets are grappling with right now.”