Price of Oil spiking due to Hamas-Israel conflict

[Friendly Engineer]

Oil prices up 3% on worries about Middle East supplies

Oil prices climbed about 3% to a one-week high on Friday on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global crude supplies.

www.reuters.com

• Brent futures touch $90 a barrel
• Developments in Middle East yet to impact oil supplies
• Hamas conditions hostage release on Israel ceasing bombardment
• Israel says preparing for ground invasion of Gaza

 

[Irag8er]

*Somewhat related*

https://twitter.com/x/status/1717998893034525088

 

[Friendly Engineer]

*Somewhat related*

https://twitter.com/x/status/1717998893034525088

Investors flock to gold in times of uncertainty.
What it tells us is traders aren't sure how this is going to play out.

 

[Yingyang]

As I understand it prices should get a lot higher. After all didn't America tell Iran if they act directly in conflict America would destroy their oil production. Then there is the possibility of Suez and strait shut down added aswell. Fuel
,food everything will sky rocket globally.

 

[Totality 🇺🇦 🇮🇱]

America tell Iran if they act directly in conflict America would destroy their oil production.

The West and her allies don't buy Iranian oil. Only people who would be hurt by Iran sudden stop in oil is China and who cares about them.

 

[DEFCON Warning System]

The West and her allies don't buy Iranian oil. Only people who would be hurt by Iran sudden stop in oil is China and who cares about them.

This is untrue. If Iran stops oil, then those who buy oil will have to go to other places, which bumps up the price for everyone.

Iran isn't in a vacuum.

 

[expat42451]

My guess is if their oil industry is attacked, Iran will move to try to close the Straits of Hormuz. Even given they arent a major oil producer, if they can close the straits even if temporarily, it may well cause economic chaos in a lot of places. I am not arguing that they can close the straits and keep them closed- I dont think they can. But if they attempt it, will be another shock to a lot of economies that are already in shaky condition.

 

[Totality 🇺🇦 🇮🇱]

This is untrue. If Iran stops oil, then those who buy oil will have to go to other places, which bumps up the price for everyone.

Iran isn't in a vacuum.

Yes but our oil we get from other places. So our sources won't be disrupted. Most oil comes from us here in USA, Canada, and some from South America.

Sure prices may go up but we won't run dry or not have a source for oil, because we will, we (US) are the #1 producer of oil in the world. Unlike China who's main source is the middle east and significant portions from Iran.

 

[expat42451]

Interesting take on this here

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov

 

[Totality 🇺🇦 🇮🇱]

My guess is if their oil industry is attacked, Iran will move to try to close the Straits of Hormuz.

That is funny. Will be hilarious to watch civilian speed boats jerry rigged with two-bid machines guns go against American warships. it would not only be not fair but just overwhelming decisive against Iran's navy.

 

[Irag8er]

That is funny. Will be hilarious to watch civilian speed boats jerry rigged with two-bid machines guns go against American warships. it would not only be not fair but just overwhelming decisive against Iran's navy.

Well, it worked pretty well once, against The USS Cole. I know, apples and oranges.
But nothing is off the table anymore.

 

[Yingyang]

Regardless of somes beliefs about Irans oil supply to wherever. Fuel prices will sore for everyone, with that food and everything else goes up. I agree with the Director. Good to see some common sense still here.