Global oil prices rise as Hamas-Israel conflict escalates
By Kingsley Odii
The global oil market is witnessing a significant surge as tensions continue to escalate between Hamas and Israel. The recent conflict has sent shockwaves through the energy markets, leading to fears of a potential disruption in the supply of crude oil.
Brent crude, the international benchmark, surged by more than 3%, quickly surpassing the $70 per barrel mark. Meanwhile, West Texas Intermediate (WTI), the US benchmark, also experienced a sharp increase, trading above $66 per barrel. The oil market, already plagued by uncertainties due to the Covid D-19 pandemic, is now facing another major threat.
With the region on the brink of an all-out war, traders fear oil production and transportation could be severely impacted. The lasting consequences of this conflict could further destabilize the already fragile energy market. The situation is been heightened by reports of Hamas targetting key infrastructure, including Israel’s vital oil and gas facilities.
Reports from the Wall Street Journal have revealed that Iranian security officials played a role in supporng Hamas during the recent attack on Israel, even giving the go-ahead for the assault. This revelation adds complexity and concern to an already tense situation.
If Iran becomes further involved in the escalating conflict, it could impact the country’s oil supply and exports, putting pressure on rising crude prices. It is important to note that in response to the aggressive assault by Hamas on the Gaza Strip last Saturday, the Israeli Government, led by Prime Minister Benjamin Netanyahu, has chosen a decisive course of action. This includes cutting all essential resources like electricity, fuel, and supply of goods from Israel to Gaza.
RECOMMENDED ARTICLES
Comment
No comments found.