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Oil Markets Remain on Edge Over Israel Spillover Fears

OIL

US President Biden spoke with the leaders of France, Germany, the UK and Canada Sunday about strategies to avoid the Israel-Hamas conflict spreading into a wider Middle East conflict – something driving oil markets in recent weeks.

  • The release of large numbers of Israeli hostages, currently in negotiation, could delay or alter a ground assault according to Bloomberg reports.
  • The leaders have reiterated their support for Israel while calling for more aid to Gaza.
  • Oil markets fear that Lebanon-based Hezbollah may launch a full-on attack of Israel from the north, drawing more chances of retaliation on Iran because of its links to the group as well as Hamas.
  • Iranian oil production was reported at over 3.3mn bpd by its oil minister in the middle of this month, with output growing.
Energy BulletsCommodities
Energy BulletsCommodities

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