What Oil Watchers Have to Say About Impact of Hamas’ Attacks
- Banks put spotlight on implications for Iranian crude supplies
- Global benchmark Brent rallies more than 5% in intraday trade
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Oil surged after Hamas’ surprise attack on Israel over the weekend threatened to destabilize the Middle East, injecting fresh geopolitical risk into a market that’s been roiled by OPEC+ supply cuts, declining inventories, and concerns that lofty prices may destroy demand.
Traders fear an escalation could prompt a wider conflict that embroils Tehran and, possibly, the US. Iranian security officials helped to plan Hamas’ assault, the Wall Street Journal reported, citing senior members of the militant group and Hezbollah. The US, meanwhile, said it’s moving a carrier strike group to the eastern Mediterranean and augmenting its fighter squadrons in the region.