With the Strait of Hormuz still effectively closed, prices will likely stay high in the near term. But a weaker cartel could mean more competition in the future.
- Assistant Professor of Econometrics & Statistics, Melbourne Business School
Israel’s response to Iran’s escalation of the current Middle East conflict could cause oil prices to rise further in days to come.
The Israel-Hamas war has had little effect on the price of oil so far because neither Israel nor the Gaza Strip produces much oil. If oil exporters got involved, things might change.
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