Prices have come back to where they were right when markets first reacted on Oct. 7.
Share on linkedin Global oil markets don't yet foresee the Israel-Hamas war escalating in a way that eats into crude oil flows.Prices have come back to where they were right after markets first reacted to the Oct. 7 Hamas terrorist attack against Israel.Oil analyst Ellen Wald said potential for conflict to spread to the Persian Gulf still exists, but traders don't see this as an "immediate potential consequence.
"If the U.S. makes any military moves in the Gulf, or Israel attempts to strike at targets inside Iran or near or around the Gulf, then prices would react accordingly," she tells Axios via mail. This possibility has "moved farther out in time given Israel's current preoccupation with the hostages and Gaza itself, as opposed to Iran."The U.S. economy grew briskly in Q3, but there are storm clouds gathering over the global outlook as China slows and conflicts abroad rage.The World Bank's baseline forecast sees Brent prices averaging $90 per barrel this quarter and $81 next year as global growth slows.
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