Israel-Hamas Conflict Unlikely to Cause 1970s-Style Oil Crisis, But Could Push Up Prices

Current Israel-Hamas conflict could disrupt global oil supplies and raise prices, but not likely to cause 1970s-style shortages and gas lines.

Higher oil prices would hit developing countries most, raising inflation concerns.

Damage to Iranian infrastructure could cause supply issues, while closure of Strait of Hormuz would shake markets.

Record US oil production reduces risk of severe domestic shortages and price spikes.

Outcomes depend on Iran's role, Saudi production response, and whether more Venezuelan oil reaches markets.