The overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, provided the conflict does not escalate further, energy experts said.
Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC."We may see a knee-jerk surge in crude prices when markets open on Monday," Vandana Hari, CEO of Vanda Insights, told CNBC via email.
Israel boasts two oil refineries with a combined capacity of almost 300,000 barrels per day. According to the U.S. Energy Information Administration , the country has"virtually no crude oil and condensate production." The Palestinian territories produce no oil, data from"The impact on the oil price will be limited unless we see the 'war' between the two sides expand quickly to a regional war where the U.S.