The current jihad war on Israel has cost the lives of over 900 Israelis. But the Hamas attack also caused global oil prices to spike.
According to Forbes, oil prices worldwide rose as Israel was torn by war. Following last week’s horrendous attack by Hamas Palestinian terror groups with Iran’s reported assistance, in which hundreds of Israeli soldiers, and civilians, including women and children, were murdered, kidnapped, and/or abused, there has been a less tragic but still significant effect on oil prices.
Brent crude, the benchmark crude oil for the world, rose nearly 5% on Monday morning before settling at $87.20 per barrel, up over 3.1% from Friday.
On the domestic market, West Texas Intermediate futures rose above $86 per barrel before settling at $85.7. This is a gain of over 3.5% from Friday.
Various outlets quoted analysts who said that the sudden rise in prices is likely a knee-jerk reaction to the conflict. As long as the conflict doesn’t escalate, it is expected to only have a minor impact on supply.
Patrick De Haan, Gas Buddy, said that the reports on Iran’s involvement in the Hamas attack, as well as Hamas’s claim of Iran being behind the attack, may have “more substantial impacts” on the oil price. He also expressed his personal belief about the possibility of a drop in crude oil prices.
Even CNN, usually the Democrats’ biggest fanboys and thus massive liars, admitted on Oct. 6 that U.S. gas prices were rising and likely to keep rising. Last Wednesday saw “the biggest one-day hike in nearly four months,” with an increase of almost three cents per gallon. If Iran is involved in Israel, it could spell more trouble at the pump. It’s not a deadly crisis like many Israelis are facing right now, but it is hard on many Americans already struggling to make ends meet under Joe Biden’s economic crisis.
The National Pulse reported Monday that America could be particularly at risk with the global oil price hike because Biden has already drained much of our Strategic Petroleum Reserve. Last year, the Organization of Petroleum Exporting Countries (OPEC) gave Biden a slap in the face by cutting production even as he was pleading pathetically against it. So the Biden administration used our reserves to try and keep down gas prices.
Worse, the Biden government delayed plans to replenish the reserve by a month in August in the hopes that prices would fall.
In addition to the failure of the United States to cap or embargo the price of Russian crude, it has made America and its allies more vulnerable to price spikes resulting from Middle East events. Anti-energy independence policies such as the cancellation, halting, and cancellation of gas and oil leases, and Keystone XL have undermined the nation’s resilience.
Iran’s involvement with the Israel/Hamas Conflict could affect the Strait of Hormuz. Biden’s support of Hamas allowed it to attack the United States. This could lead to higher gas prices in America, as the Biden administration undermines America’s energy independence.