Israel-Hamas War Sparks Concerns Over Middle East Oil Output
Concerns over potential oil disruptions due to the Israel-Gaza conflict caused Brent crude to surge 2.25% to $86.83. Israeli airstrikes killed 830 and wounded 4,250 in Gaza. Israel ordered Chevron to halt production at the Tamar gas field due to vulnerability to rocket attacks. Energy analyst Saul Kavonic warned that if the conflict escalates, up to 3% of global oil supply could be at risk, and disruptions at the Strait of Hormuz could jeopardize one-fifth of world oil supply. Caroline Bain of Capital Economics predicted oil demand would outstrip supply in Q4. Saudi Arabia announced plans to cut production by one million barrels per day in July.
Concerns over potential oil disruptions due to the Israel-Gaza conflict caused Brent crude to surge 2.25% to $86.83. Israeli airstrikes killed 830 and wounded 4,250 in Gaza. Israel ordered Chevron to halt production at the Tamar gas field due to vulnerability to rocket attacks. Energy analyst Saul Kavonic warned that if the conflict escalates, up to 3% of global oil supply could be at risk, and disruptions at the Strait of Hormuz could jeopardize one-fifth of world oil supply. Caroline Bain of Capital Economics predicted oil demand would outstrip supply in Q4. Saudi Arabia announced plans to cut production by one million barrels per day in July.
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Concerns over potential oil disruptions due to the Israel-Gaza conflict caused Brent crude to surge 2.25% to $86.83. Israeli airstrikes killed 830 and wounded 4,250 in Gaza. Israel ordered Chevron to halt production at the Tamar gas field due to vulnerability to rocket attacks. Energy analyst Saul Kavonic warned that if the conflict escalates, up to 3% of global oil supply could be at risk, and disruptions at the Strait of Hormuz could jeopardize one-fifth of world oil supply. Caroline Bain of Capital Economics predicted oil demand would outstrip supply in Q4. Saudi Arabia announced plans to cut production by one million barrels per day in July.
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