Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don’t expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.
The Israel-Hamas war is definitely not good news for oil markets already stretched by cutbacks in oil production from Saudi Arabia and Russia and expected stronger demand from China, the head of the International Energy Agency said.
Markets will remain volatile, and the conflict could push oil prices higher, “which is definitely bad news for inflation, Fatih Birol, executive director of the Paris-based IEA, told The Associated Press.
