Israel-Hamas war: implications for the global oil market
www.bruegel.org/first-glance/israel-hamas-war-implications-global-oil-market
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the Middle East, as the region contributes about a third of global oil production
global energy markets worry about the potential role of Iran in the conflict.
The easing of US pressure
to increase the liquidity of the global oil market in the context of the Ukraine war and sanctions on Russian oil.
That could see global oil prices rising to $100/barrel or beyond, pushing inflation higher and further complicating the efforts of central banks to bring it under control.
It should be noted, though, that Saudi Arabia and the United Arab Emirates have significant spare capacity and could ramp up their oil production if they wished.
a fifth of the global oil supply and a quarter of global liquefied natural gas (LNG) trade pass through this sea route between Oman and Iran.
any act of sabotage against oil and gas infrastructure in the Middle East and North Africa region.
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