Hamas’s invasion of southern Israel on the weekend pushed oil prices up by almost US$5 a barrel, sending jitters through the energy markets and triggering dark thoughts of shortages and another round of nasty inflation. The scare proved overblown. Oil sank the next day and traded at U$89 a barrel on Friday, a few bucks above its pre-war level but still well below its year peak.has not unleashed an energy crisis on the heels of the one that erupted after the Russian invasion of Ukraine.
Those sanctions were eased somewhat by the administration of President Joe Biden in an effort to prevent runaway prices as Saudi Arabia, OPEC’s top producer, and associates including Russia implemented production cuts designed to do the opposite of what the United States wanted. Hezbollah and Israel traded fire along the border throughout the week, with a few deaths reported on both sides, though there is little sign that full-scale battles are imminent. Still, Israel is taking no chances and is moving reservist forces and armour to towns along the Lebanese border. At the same time, Syrian state television reported that Israel hit airports in Damascus and the northern city of Aleppo., U.S.