Recent clashes between Israel and Hezbollah have led to a rise in crude oil prices in global markets.
Recent skirmishes between Israel and Hezbollah have escalated tensions in the Middle East, causing a spike in global crude oil prices. Following Israel’s attacks on over 500 Hamas strongholds in southern Lebanon, which resulted in approximately 280 deaths and over a thousand injuries, oil markets have reacted with heightened concerns about supply stability.
Hezbollah’s response, involving the firing of a long-range missile into Israel, has further exacerbated the situation, leading to internal displacement within various Israeli regions.
This conflict has compounded existing disruptions in the oil supply, which were previously affected by adverse weather conditions in the Gulf of Mexico. As a result, Brent oil prices have surged to $75 per barrel after a 51-cent increase.
Overall, crude oil prices have risen 4%. Market experts caution that further deterioration of the situation in the Middle East could propel oil prices even higher, reflecting the sensitive interplay between geopolitical stability and global energy markets.