The conflict between Israel and Hamas may not have a direct impact on oil supply, but it's likely to drive up oil prices in the short term just based on fears of a wider escalation, according to analysts. Prices will shoot up if tensions do spread to the wider oil-producing region , they say.
" David Neuhauser, hedge fund manager at Livermore Partners, told CNBC Pro that the current market is already tight and more production taken offline "would only serve as the spark to much higher prices." "Much more upside may occur if Iran is into the mix and/or further escalation and uprising occurs in the region. It would not take much for oil to spike well over $100bbl+," he said.
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