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Pezeshkian: You want the countries of this region to turn on each other by handing out bombs and missiles, and then you say you are peace-seekers?
Pezeshkian: When they boast of having missiles and bombs beyond imagination, is it us who are causing war and bloodshed—or is it them, who flood this region with weapons and ammunition?
Iranian President Masoud Pezeshkian replying to Trump: Those who for the past year have killed more than 60,000 Palestinian women and children in bombings, cannot claim to be peace-seekers.
Al Mayadeen's correspondent: Home targeted by IOF in Tammoun currently on fire, confrontations ongoing with Resistance fighters in area.
Al Mayadeen's correspondent: IOF are breaking into homes in Salfit, looking for responsible for yesterday's operation.
Palestinian news sites: Explosive drone explodes inside surrounded home in Tammoun, South of Toubas.
Field sources in West Bank: Violent confrontations being fought by Resistance fighters against IOF which surrounded a home in Tammoun, south of Toubas.
Putin approvesexperts for talks with Ukraine: Kremlin
Russian Deputy FM Galuzin, Head of General Staff Kostyukov, Deputy Defense Minister Fomin will participate in Istanbul talks: Kremlin
Russian presidential aide Medinsky will lead Russia delegatioon at Ukraine talks: Kremlin

How a Middle East war could impact oil prices: NYT

  • By Al Mayadeen English
  • Source: New York Times
  • 5 Oct 2024 19:17
4 Min Read

The New York Times op-ed warns of the growing risks to global markets, particularly oil prices, as escalating Middle East tensions raise concerns over potential supply disruptions and inflationary pressures.

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  • AP
    A battery of "Israel's" Iron Dome system, deployed to intercept rockets, sits in Askalan, southern occupied Palestine, Aug. 7, 2022. (AP)

The New York Times published an op-ed on Saturday detailing the mounting risks in global markets as tensions in the Middle East escalate.

The piece underscored how, despite nearly a year of escalations in the Middle East, global markets had largely remained unaffected by the potential for a wider war.

However, recent developments, including Iran's Operation True Promise II and discussions of potential attacks on Iran's oil infrastructure, have sent ripples through the financial world.

Writer Sarah Kessler argues that oil markets, in particular, are beginning to react to the possibility of a larger regional conflict, especially after US President Joe Biden revealed discussions surrounding support for a possible Israeli strike on Iran's oil facilities.

The price of Brent crude surged, registering its largest weekly gain in over a year. Investors and market strategists are now bracing for a potential oil supply shock, which could ripple through the global economy, driving up inflation and disrupting energy supplies.

Read more: Israeli aggression on Lebanon continues to kill, injure civilians

Experts cited in the piece, like former Citi political analyst Tina Fordham, noted that while the situation hasn't yet reached a critical tipping point, it presents a "constellation of risks" that could converge if the conflict intensifies.

The potential for Iran to disrupt access to the Strait of Hormuz—a vital passage for 20% of the world's oil—remains a key concern.

Such an event could lead to a sharp rise in oil prices, experts warn, further fueling inflation at a time when many nations are just beginning to control price surges.

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With Brent crude still below levels considered worrisome by central banks, the op-ed pointed out that if oil prices push toward $90 a barrel, it could prompt monetary authorities to rethink their economic strategies.

For now, analysts are closely monitoring not only the military developments in the region but also how the conflict could influence US elections, particularly the race for the White House in 2024.

Read more: Gaza Endowments demands 'Israel' be held accountable for crimes

The markets' historical tendency to discount geopolitical risks is also under scrutiny, as some investors are already hedging their bets, preparing for a more volatile period ahead.

As the op-ed concludes, the world may be witnessing the calm before a storm, with global markets awaiting "Israel's" next move and the potential for a broader war that could have severe economic consequences.

Trump wants 'Israel' to strike Iran's nuclear facilities

Ahead of a potential act of aggression from "Israel," many argue that a full-blown war with Iran is inevitable, as both the Democratic and Republican parties appear increasingly inclined toward military action against Tehran.

Earlier today, former US President and convict Donald Trump called on "Israel" to strike Iran's nuclear facilities in response to the retaliatory operation carried out on October 1, which targeted Israeli military bases and strategic sites.

During a town hall event in North Carolina, Trump said Joe Biden should have responded to questions about the nature of an Israeli attack against Iran by advocating for the bombardment of Iran's nuclear facilities. 

"When they asked [Biden] him that question, the answer should have been: 'hit the nuclear first and worry about the rest later,'" he said. 

Biden had previously expressed aversion and disapproval of the targeting of nuclear assets, fearing further escalation, retaliation, and the ignition of an all-out regional war. 

Read more: Iranian VP: War not our goal, but our response will be crushing

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  • Oil prices
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