Oil prices and the Israel-Hamas war

This podcast episode explores the potential for an oil embargo in response to the conflict between Israel and Gaza, the reasons for low oil prices despite the ongoing conflict in the Middle East, and the oil market's perspective on the Israel-Hamas War and its potential impact on the global oil supply. Experts believe that an oil embargo is unlikely in 2023 due to factors such as lack of support among Middle Eastern oil producers, reduced dependence on Middle Eastern oil by Western countries, and the availability of alternative energy sources. The low oil prices can be attributed to the conflict being geographically contained, oil traders not expecting an escalation into a regional war, and current balance between oil supply and demand. However, caution is advised as the market may be underestimating the risks of escalation and it is important to stay vigilant.