Going into the upcoming week, oil dealers must deal with a fresh environment. Uncertainty and fear in the markets could cause the price of crude oil to soar as a result of the unexpected outbreak of conflict in Israel following unexpected attacks by Hamas.
“The dispute creates a risk of increased oil prices, threats to both inflation and the economic outlook,” Karim Basta, chief economist at III Capital Management, said Reuters.
Top energy trader and hedge fund manager Pierre Andurand said on Sunday’s episode of X that many viewers had questioned “if the Hamas strikes on Israel would have a consequence on oil prices.”
Andurand admitted that global oil stockpiles are low and that the Saudi and Russian supply cuts will cause greater inventory pulls over the coming months, despite his lack of expectation for a significant impact on the oil market or a significant price jump in the coming days.