Oil prices are not surprisingly up on this Israel-Gaza war situation that is unfolding.
Brent Crude Oil price is up 4%+ this morning following attack by Hamas on Israel. Markets are clearly worried about potential escalation with Iran. pic.twitter.com/hkh7Plxoci
— Man of the People (@MOTP42) October 9, 2023
There are obviously fears that this could expand into a larger regional conflict. The potential for Hezbollah’s involvement is very high and this could potentially prompt Syria and Iran to enter the fray as well.
Shortly after the Yom Kippur War started in 1973, the price of oil surged tremendously.
The Yom Kippur war, which began 50 years ago, marked the start of a seven-year period during which the price of oil increased tenfold.
In response, the US government established the Strategic Petroleum Reserve.
Recently, the US released almost half of its petroleum reserve as… pic.twitter.com/aeZrp8vDMk
— Bitcoin News (@BitcoinNewsCom) October 8, 2023
There were already things happening making a higher oil price likely, but this war situation makes this scenario even more likely.
