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.
Forbes reported that global oil prices jumped on Monday as war tears apart Israel. Following last week’s launch of the horrific assault by Hamas Palestinian terrorists, with the reported support of Iran, leaving hundreds of Israeli civilians and soldiers (including women and children) murdered, kidnapped, and/or abused, there’s a less tragic but still important impact on oil prices.
The global benchmark Brent crude futures rose nearly 5% early Monday, before settling at $87.20 per barrel—up more than 3.1% from Friday.
The domestic West Texas Intermediate futures climbed past $86 per barrel, before settling at $85.7—more than 3.5% up since Friday.
Analysts cited by several outlets noted that the sharp spike in prices is likely a “knee-jerk” response to the conflict, as it is expected to have little overall impact on supplies as long as it does not escalate.
Gas Buddy’s Patrick De Haan explained that the reports of Iran’s involvement in the Hamas attack—including Hamas’s own claim of Iran backing—could potentially cause “more significant impacts on the price of oil,” although he asserted his personal belief that prices could drop, Forbes noted.
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.
Related: Are American Weapons From Afghanistan and Ukraine Being Used Against Israel?
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. The National Pulse:
Worse still, in August, the Biden regime delayed plans to restock the reserve, hoping prices would fall.
U.S.-led efforts to embargo or cap the price of Russian oil in order to starve Moscow of revenue, which have proved unsuccessful, have also left America and its allies more exposed to price shocks caused by events in the Middle East. Anti-energy independence policies such as the cancellation of the Keystone XL pipeline and pauses on gas and oil leases, too, have undermined national resilience.
Iran’s potential involvement in the Israel-Hamas conflict could disrupt shipments of oil through the Strait of Hormuz. Biden made the Hamas attack financially possible, and now it could continue to drive up U.S. gas prices, even as the Biden administration sabotages U.S. energy independence. Joe Biden and his administration are a catastrophe both for America and for our allies around the world.
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