{"id":7104,"date":"2023-10-30T13:12:01","date_gmt":"2023-10-30T13:12:01","guid":{"rendered":"https:\/\/infundpros.com\/business\/oil-prices-are-falling-even-as-israel-steps-up-its-war-on-hamas-a-spike-could-still-happen\/"},"modified":"2023-10-30T13:12:02","modified_gmt":"2023-10-30T13:12:02","slug":"oil-prices-are-falling-even-as-israel-steps-up-its-war-on-hamas-a-spike-could-still-happen","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7104","title":{"rendered":"Oil prices are falling even as Israel steps up its war on Hamas. A spike could still happen"},"content":{"rendered":"
\n

\n Oil prices fell again Monday as concerns about the health of the global economy outweighed fears that Israel\u2019s move on the weekend to expand its military operations in Gaza could lead to a regional conflict.\n <\/p>\n

\n Brent crude, the global oil benchmark, fell 1.1% to $89 a barrel, and West Texas Intermediate (WTI) crude, the US benchmark, dropped 1.3% to trade at $84 a barrel by 7.51 a.m. ET. <\/strong>Last week, Brent fell 1.8% and WTI 3.6%.\n <\/p>\n

\n Susannah Streeter, head of money and markets at Hargreaves Lansdown, wrote in a note Monday that, while \u201cthe risks of regional escalation are still clear and present,\u201d the ground offensive in Gaza had been \u201cwidely expected.\u201d\n <\/p>\n

\n \u201cAlthough supply concerns are still hanging around, keeping a floor on oil prices, concerns about a drag on (global) growth ahead leading to weaker demand have prompted a fall in oil prices,\u201d she said.\n <\/p>\n

\n Concerns about global economic growth were underscored Monday when Germany \u2014 Europe\u2019s biggest economy \u2014 reported that its gross domestic product shrank in the third quarter as consumers reined in spending.\n <\/p>\n

\n The World Bank said Monday that a ratcheting up in the fighting in Gaza could push global commodity markets, including oil markets, into \u201cuncharted waters,\u201d and laid out three scenarios under which oil prices could surge.\n <\/p>\n

\n \u201cPolicymakers will need to be vi\ufeffgilant,\u201d Indermit Gill, the lender\u2019s chief economist, said in a statement. \u201cIf the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades \u2014\u00a0not just from the war in Ukraine, but also from the Middle East.\u201d\n <\/p>\n

\n The World Bank, in its Commodity Markets Outlook published Monday, said it expected global oil prices to average $90 a barrel in t\ufeffhe fourth quarter, before dropping to an average of $81 a barrel over next year as global economic growth slowed.\n <\/p>\n

\n If, however, the conflict were to escalate and disrupt oil supplies, prices could shoot up by as much as 75% to $157 a barrel under the bank\u2019s worst-case-scenario. In that instance, the level of disruption would be comparable to that caused by the Arab oil embargo in 1973.\n <\/p>\n

\n The <\/strong>World Bank said a smaller disruption, equivalent to that resulting from the Libyan civil war in 2011, could send oil prices to $103 a barrel. A medium-level disruption to supplies, equivalent to the fallout of the Iraq war in 2003, could push prices up to $121 a barrel, the lender said. <\/strong>\n <\/p>\n

\n Prices for Brent have risen 5.7% since Hamas attacked Israel on October 7, killing more than 1,400 people, mostly civilians.\n <\/p>\n

\n Tensions in the region have risen since Saturday after Israeli troops intensified their ground operation in Gaza, following weeks of aerial strikes on the Hamas-controlled territory. Israeli Prime Minister Benjamin Netanyahu said Sunday that the country was prepared for a \u201clong and difficult war.\u201d\n <\/p>\n

\n Israel sent more ground forces into Gaza overnight,\u00a0Israeli army spokesman Daniel Hagari said Monday, noting: \u201cOur activity there is only set to intensify.\u201d\n <\/p>\n

\n The fears of a broader regional conflict were highlighted Sunday by Jake Sullivan, US national security adviser, who told CBS there was an \u201celevated risk\u201d of the conflict \u201cspreading to other parts of the region.\u201d\n <\/p>\n

\n Iranian President Ebrahim Raisi also said Sunday that Israel\u2019s offensive had \u201ccrossed the red lines\u201d and that it \u201cmay force everyone to take action.\u201d Iran is a key player in the region, and is allied to Hamas as well as Hezbollah, a Lebanese militant group that has been involved in tit-for-tat exchanges of fire <\/strong>with Israel in recent weeks.\n <\/p>\n

\n Iran has denied any involvement in the October 7 assault by Hamas in Israel. Initial US intelligence suggests that Tehran had been surprised by the attacks.\n <\/p>\n

\n \u2014 Rob North contributed to this article.<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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