Israel-Hamas Conflict Poses Risks to Oil Markets But Limited Impact Expected for Now
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The Israel/Hamas war poses a geopolitical risk to oil markets if the conflict spreads to major energy producers in the Middle East.
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Oil prices jumped over $5/barrel after Hamas attacked Israel, but analysts expected a stronger rally given the situation.
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Tighter U.S. sanctions on Iran over its potential Hamas links could further strain oil supplies and prices.
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Saudi plans to normalize ties with Israel and boost output could be derailed amid tensions.
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OPEC+ says it won't overreact to the conflict, believing the risks to oil markets are limited for now.