2023-10-09 12:24:28
A sign that the Hamas attack in Israel on Saturday October 7 is worrying the markets, the prices of a barrel of crude oil have “climbed to 89 dollars on Monday October 9”, up 5.2% in early trade in Asia, reports the Financial Times.
This new phase of the Israeli-Palestinian conflict might “increasing tensions throughout the Middle East and weighing on the production of the largest oil companies”underlines the economic daily.
Towards sanctions on Iranian oil
Israel is not, however, an oil-producing country, but the conflict brings its share of uncertainties to an already complicated international situation in terms of energy prices. And the “conflict might lead to tougher sanctions on Iranian oil”the country having affirmed, through its Minister of Foreign Affairs, that the Hamas attack was a “act of self-defense”notes the British newspaper.
The Middle East produces “a third of the world’s crude oil”, remember Bloomberg, and if the events in Israel “do not pose an immediate threat to oil supplies”the conflict might degenerate into “hidden war involving the United States and Iran”.
And the American economic media argues that “any retaliatory measure once morest Tehran” might jeopardize transit “vital” tankers through the Strait of Hormuz, which “Iran has already threatened to close in the past”.
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