The Impact of the Israel-Hamas Conflict on Global Oil Markets and Geopolitics
The ongoing conflict between Israel and Hamas has the potential to impact the global oil industry. The conflict has already led to the shutdown of oil fields in Israel, amplifying concerns about the security of oil infrastructure in the region. The escalating violence has also led to an immediate impact on oil markets, with Brent Crude prices increasing by 1% and West Texas Intermediate (WTI) Crude prices climbing by over 1%. Economists are examining how the conflict could escalate as they plan for the next big global shock. In this essay, we will discuss the effect of the Israel-Hamas conflict …