Gaza has oil markets on edge. That could build more urgency to shift to renewables, IEA head says
1 year, 2 months ago

Gaza has oil markets on edge. That could build more urgency to shift to renewables, IEA head says

Associated Press  

FRANKFURT, Germany — Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps — similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said. “Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers,” Birol told The Associated Press in an interview ahead of the publication Tuesday of the IEA’s annual world energy outlook, which analyzes the global picture of energy supply and demand. “This could further accelerate the energy transition around the world,” with renewable sources like wind or solar offering a “long lasting solution” to energy security issues as well as climate change, he said. The report said energy demand there could peak as soon as 2025 amid slowing growth and “impressive” shifts to clean energy like solar and nuclear.

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History of this topic

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says
1 year, 1 month ago

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says

Associated Press  

WASHINGTON — The World Bank reported on Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas widens, which could result in increased food prices worldwide. The World Bank’s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn’t expand, the outlook “would darken quickly …

Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank says
1 year, 1 month ago

Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank says

The Independent  

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Worsening Gaza crisis will keep foreign investors on edge, markets volatile
1 year, 1 month ago

Worsening Gaza crisis will keep foreign investors on edge, markets volatile

Live Mint  

Global events, especially the situation in Gaza, continue to stir anxiety across financial markets. While estimates at the time of the 2023-24 budget assumed that the Indian crude basket would average around $75 a barrel, the conflict has already pushed this over $90. That would mean higher inflation across the economy, which would force the Reserve Bank of India to …

Israel-Hamas War: Oil rallies as Gaza hospital blast ratchets up tensions
1 year, 2 months ago

Israel-Hamas War: Oil rallies as Gaza hospital blast ratchets up tensions

Live Mint  

Oil rallied as a deadly explosion at a Gaza hospital boosted tensions in the Middle East before President Joe Biden’s arrival in the region. Following the blast, leaders of Jordan, Egypt and the Palestinian Authority canceled a summit with Biden, complicating the US president’s push to ensure the Israel-Hamas conflict doesn’t widen across the Middle East. A wider conflict could …

Israel-Hamas War: Oil prices fall as investors assess impact
1 year, 2 months ago

Israel-Hamas War: Oil prices fall as investors assess impact

Live Mint  

Oil prices fell on Monday, partly reversing Friday's rally as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy. "Investors are trying to figure out the impact of the conflict while a large-scale ground assault has not begun after the 24-hour deadline that …

Israel-Hamas War: Global markets watch for fallout as Middle East tensions rise
1 year, 2 months ago

Israel-Hamas War: Global markets watch for fallout as Middle East tensions rise

Live Mint  

Economists and market strategists are anticipating further ripple effects globally from the Middle East conflict, watching to see if the situation draws in other countries with the potential to increasingly drive up oil prices and send capital flowing to safehavens. Oil prices leapt nearly 6% on Friday as investors assessed what the conflict could mean for supplies from nearby countries …

’If the crude oil price go up..’: Min Hardeep Puri on impact of Israel-Hamas war
1 year, 2 months ago

’If the crude oil price go up..’: Min Hardeep Puri on impact of Israel-Hamas war

Live Mint  

Addressing the raising concerns on the impact of ongoing Israel-Hamas war on crude oil, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that if crude oil prices go up, it will have a very strong and adverse impact on attempts at global economic recovery. "It stands to reason that if the crude oil prices go up, that …

Will global oil prices keep rising due to the Israel-Hamas war?
1 year, 2 months ago

Will global oil prices keep rising due to the Israel-Hamas war?

Al Jazeera  

Analysts see limited effect on prices in short term as neither Israel nor Gaza are significant producers. Global oil prices have spiked since fighting erupted between Israel and Hamas amid speculation about how the conflict could affect energy production in the Middle East. Unlike the spike in oil prices that followed Russia’s invasion of Ukraine last year, the fighting between …

What the Israel-Hamas conflict means for energy prices
1 year, 2 months ago

What the Israel-Hamas conflict means for energy prices

The Telegraph  

Conflict in the Middle East has a history of pushing up oil prices. The Yom Kippur War between Israel and a coalition of Arab states in 1973 triggered an oil embargo that caused prices to nearly quadruple in a year. “This month marks 50 years since the 1973 oil shock,” Deutsche Bank analysts wrote in a note sent to clients …

Israel-Hamas war: Oil prices surge by over 4.5% amid Middle East tensions
1 year, 2 months ago

Israel-Hamas war: Oil prices surge by over 4.5% amid Middle East tensions

Hindustan Times  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

Oil prices jump more than $4 as Middle East violence rattles markets
1 year, 2 months ago

Oil prices jump more than $4 as Middle East violence rattles markets

The Hindu  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

Oil price spikes on Israel war. Here’s what a wider conflict might mean
1 year, 2 months ago

Oil price spikes on Israel war. Here’s what a wider conflict might mean

CNN  

London CNN — Global oil prices climbed 4% Monday over fears that the unprecedented weekend attack on Israel by Hamas could escalate into a regional conflict embroiling oil-producing nations. Simone Tagliapietra, a senior fellow at Bruegel, told CNN that the United States had softened its stance in recent months to help secure the release of five American prisoners in Iran, …

IEA: World needs to triple investment in renewable power
3 years, 2 months ago

IEA: World needs to triple investment in renewable power

Al Jazeera  

Spends on the transition to renewable energy ‘remains far short’ of what’s needed to meet future demand sustainably: IEA. Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency has said. “The world is not investing enough …

Palestine’s forgotten oil and gas resources
3 years, 6 months ago

Palestine’s forgotten oil and gas resources

Al Jazeera  

A fair distribution of oil and gas resources in the Levant Basin will be needed to achieve a lasting political and economic settlement between Israel and Palestine. The Israeli military occupation of Palestinian territories since 1967 and the blockade of the Gaza Strip since 2007 have prevented the Palestinian people from exercising any control over their own fossil fuel resources, …

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