’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 has a very strong and adverse impact on the attempts at global economic recovery. So far, the war between Israel and Hamas has taken the lives of more than 1200 Israelis and has left more than 2,700 wounded, said Lieutenant Colonel Jonathan Conricus, Israel Defence Force spokesperson on Wednesday. "Four days after Hamas breached into Israel, attacked Israeli communities, murdered and massacred Israeli citizens and took dozens of Israeli hostages into Gaza.

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History of this topic

Gaza's economy was already in tatters, but the Israeli invasion has caused 'unparalleled devastation', the UN says
2 months ago

Gaza's economy was already in tatters, but the Israeli invasion has caused 'unparalleled devastation', the UN says

ABC  

It will take Gaza's economy three and a half centuries to recover from destruction caused by the Israeli invasion of the territory, a UN report says. Israel's invasion of Gaza has "resulted in an unprecedented humanitarian, environmental and social catastrophe and propelled Gaza from de-development to utter ruin", the UN's trade and development wing said in a report published on …

Oil prices rise on uncertainty over Gaza ceasefire, OPEC cut; Brent at $83/bbl
9 months, 3 weeks ago

Oil prices rise on uncertainty over Gaza ceasefire, OPEC cut; Brent at $83/bbl

Live Mint  

Oil prices rose on Tuesday, February 27, as the market focused on uncertainty over a potential Gaza ceasefire and some expectations that the Organization of Petroleum Exporting Countries will extend voluntary supply cuts in March. Back home, on the Multi Commodity Exchange, crude oil futures due for a March 19 expiry, was last trading 0.59 per cent higher at ₹6,504 …

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 …

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 …

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 …

Israel-Hamas war: Impact on Indian stocks
1 year, 2 months ago

Israel-Hamas war: Impact on Indian stocks

Live Mint  

For reasons best known to them, investors and traders don’t think it’s as important as other factors that move markets. If inflation in India remains high due to high crude oil prices, there is a chance the RBI will raise rates. #5 Paint Stocks Whenever crude oil prices go up, the one sector that’s always hit badly is the paints …

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 Conflict Sparks Concerns of Oil Price Surge: Impact on India’s Economy Explored
1 year, 2 months ago

Israel-Hamas Conflict Sparks Concerns of Oil Price Surge: Impact on India’s Economy Explored

The Hindu  

A protracted Israel-Hamas conflict could spur oil prices beyond India’s comfort zone and even if the government holds retail fuel prices ahead of critical elections, wholesale prices may spike and a higher import bill could pressure the rupee, according to experts. Brent crude oil prices rose over 3% on Monday, crossing $87 a barrel even as equity markets around the …

Oil prices soar on Israel-Hamas conflict; India watching situation closely
1 year, 2 months ago

Oil prices soar on Israel-Hamas conflict; India watching situation closely

Live Mint  

New Delhi: International crude oil prices surged on Monday amid the military clash between Israel and Hamas forces of Palestine. Sharad Chandra Shukla, director at Mehta Equities said the recent escalation in the Israel-Palestine conflict has injected uncertainty into global markets, leading to a surge in crude oil prices and a hardening of US Treasury yields. “Oil prices rose more …

Israel-Hamas war: Can crude oil prices shoot up beyond the $100 per barrel mark?
1 year, 2 months ago

Israel-Hamas war: Can crude oil prices shoot up beyond the $100 per barrel mark?

Live Mint  

Crude oil prices saw a sharp rise on Monday as concerns over supplies grew stronger thanks to the ongoing military clashes between Israel and the Palestinian Islamist group Hamas. However, they do not think crude oil prices could sharply rise and sustain at elevated levels even though the Israel-Palestine issue remains a risk. If the war continues for a longer …

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, …

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