Emmanuel OchayiGlobal crude oil prices have surged following the Hamas attack on Israel, resulting in a tragic loss of over a thousand lives on both sides.
This incident follows a previous dip in oil prices due to concerns about high-interest rates and fluctuating demand, influenced by the Organisation of Petroleum Exporting Countries’ decision to maintain production cuts.
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As of October 9, Brent Crude stood at $87.70 per barrel, and West Texas Intermediate (WTI) was priced at $86.06 per barrel. Interestingly, crude prices had experienced a decline to $84 per barrel just before the Hamas attack on October 7. Experts suggest that the current impact on oil prices is relatively minimal.
However, there is potential for escalation, especially if influential nations like Iran and the United States become directly involved in the evolving conflict. Reports indicate that Iranian security officials supported Hamas during the attack, adding complexity and concern to the situation.
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If Iran is drawn into the conflict, it could affect the country’s oil supply and exports, further pressuring crude prices.
In response to the Hamas assault on the Gaza Strip, the Israeli Government, led by Prime Minister Benjamin Netanyahu, has taken decisive action, including cutting off vital resources to Gaza.
This strategic move aims to neutralize the military and governing capabilities of Hamas and Islamic Jihad, safeguarding Israel’s national interests in the midst of the ongoing conflict.
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