With Economies still reeling and regrouping after the recent COVID-19 Pandemic and the Russia-Ukraine war. Countries are now concerned and are bracing for impact as Israel-Hamas’s war is at peak. The risks to energy and financial markets are immediate, but analysts have stated there is no need for unease as we have seen an increase in prices of crude produce but not significantly so since Neither Israel and Gaza are crucial oil producers to the west.
This is the case for now but will this continue to be the trend? This all depends on how the war proceeds in the middle east says analysts. So, will the war be cooling off anytime soon?
“It is unlikely the dust will settle within a year” says Mark Manager a professor of political economy at the Munk School of Global Affairs at the University of Toronto.
He also stated that the uncertainty and war weigh heavily on Global Trade as people try to dodge risk.
This means that if the war continues to worsen inflation will continue to rise as a result.
The cost of oil can directly impact the cost-of-living plight throughout the western world. If energy and other oil product prices were to increase, the consumer will inevitably suffer the consequence.
