Crude prices are likely to rise after the surprise Hamas attack on Israel, but there’s still plenty of capacity to tap.
History doesn’t repeat itself, but it often rhymes. On the eve of the 50th anniversary of the world’s first oil crisis, the parallels between October 2023 and October 1973 are easy to draw: A surprise attack on Israel and oil prices rising. But the resemblance ends there.
4) The fallout could yet have an impact on oil markets in 2023 and 2024. The most immediate impact could come if Israel concludes that Hamas acted on instructions of Tehran. In that scenario, oil prices could go much higher.In 2019, Iran demonstrated, via Yemeni proxies, that it’s able to knock down a significant chunk of Saudi oil production capacity. It could do the same as retaliation if it finds itself under Israel or American attack.
Mikhail Shvetz surveys the damage to cars gutted by fires set when a rocket from Gaza struck the parking lot of an apartment complex in Ashkelon, Israel.The White House is now likely to enforce the sanctions. That could be enough to push oil prices to $US100 a barrel, and potentially beyond.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Civilians will pay price for biggest challenge to Israel since 1973Inhabitants of Gaza now face the prospect of an Israeli ground offensive
Read more »
Australia condemns Hamas attacks on IsraelThe Islamic resistance movement said its move was driven by escalated strikes on Palestinians in the West Bank. Follow updates here.
Read more »
Israel-Hamas conflict:‘Massive intelligence failure’ piles pressure on NetanyahuThe Jewish state has long prided itself on the ability to pre-empt and crush threats to its borders and people.
Read more »
Extraordinary reason hundreds are standing outside in Israel, hours after rockets rain downMilitant Hamas carried out an unprecedented, multi-front attack on Israel, launching thousands of rockets a...
Read more »
Israel declares war and vows 'mighty vengeance' after unprecedented Hamas attackMore than 400 people have died and thousands are injured in Israel and Gaza after Hamas launched a surprise dawn attack on Saturday during the Jewish high holiday of Simchat Torah.
Read more »