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BREAKING
Yemeni Armed Forces: The blockade on the Port of Haifa comes following the successful imposition of the siege on the Port of Umm al-Rashrash, which has since ceased operations
Yemeni Armed Forces: The Port of Haifa is now officially part of our target bank
Yemeni Armed Forces calls on companies with ships currently in the Port of Haifa or en route to it to take into account the contents of the statement and any forthcoming announcements
Yemeni Armed Forces: The imposition of a blockade on the Port of Haifa comes in response to the enemy’s escalation of its brutal aggression against Gaza and the continued siege and starvation
Yemeni Armed Forces: Our decisions and operations against the occupying entity will not cease until the aggression on Gaza ends and the blockade on it is lifted
Yemeni Armed Forces: We have decided to begin enforcing a naval blockade on the Port of Haifa, which is now among our list of designated targets
The Israeli occupation has released the child Mohammad, the son of martyr Ahmad Sarhan, whom it abducted earlier today from Khan Younis in the southern Gaza Strip, but his mother remains in detention
UK, France, and Canada in a joint statement: The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching International Humanitarian Law
Leaders of UK, France, and Canada warn that their countries would take action if "Israel" does not stop a renewed military offensive in Gaza and lift aid restrictions
Putin says Trump in conversation expressed his position on cessation of hostilities in Ukraine

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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Yemeni Armed Forces declare Haifa Port under naval siege

Israeli forces escalate West Bank raids, settlers burn crops

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

  • Israel
  • Iran oil
  • Strait of Hormuz
  • WTI
  • Brent crude oil
  • Oil prices
  • Iran

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