Global oil markets have largely shrugged off the Israel-Gaza conflict. Following an initial bout of jitters, confidence that major Middle Eastern oil infrastructure is located well away from the latest fighting has brought oil prices back down again after an initial spike.
Brent Futures, having closed at $84.58/B on Friday 6 October – the day before Hamas’ unprecedented assault on southern Israel – jumped upon markets re-opening on Monday and settled at $88.15/B that day. They have since dropped back, settling at $86.00/B on 12 October. “While there has been no direct impact on physical supply, markets will remain on tenterhooks as the crisis unfolds,” says the IEA in its latest Oil Market Report (OMR). (CONTINUED - 919 WORDS)
