The Israel-Hamas war rattled oil markets amid fears that other nations might intervene.
The Middle East is a major shipping route for crude oil, carrying almost a third of the world’s total exports.
A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly disrupt shipments in the Middle East.“While the prospect that oil supply flows will be impacted currently remains limited, the deadly strikes prompted traders to price in a higher geopolitical risk premium,” the IEA said in its regular monthly report.
The oil market has for months been caught in a tug-of-war between concerns about supplies and demand as high energy prices, combined with interest rate hikes in most advanced nations to combat inflation, leave consumers squeezed.
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