Shafaq News/ Ongoing conflicts in Lebanon and Gaza are not expected toaffect global oil prices, according to experts, citing political rather thaneconomic factors behind recent market movements.
Iraqi lawmaker Jamal Coujar, a member of Iraq’s parliamentary financecommittee, told Shafaq News that oil prices are more influenced by broaderinternational issues than by the current situations in Lebanon or Gaza."Neither Lebanon nor Gaza are oil-producing or industrial countries, sotheir events do not have an impact on oil prices," he said, adding thatthe war in Ukraine, particularly if countries like Iran or Iraq becomeinvolved, would be a far more significant factor.
Coujar also pointed to a global economic recession as another key factorin shaping oil prices.
Oil expert Hamza Al-Jawahiri, a prominent oil expert, echoed thissentiment, "The drop in oil prices is more politically driven thaneconomic," he told Shafaq News.
“Despite factors such as the conflict in Gaza and Lebanon, as well as ahurricane affecting production in the US Gulf of Mexico, oil prices have notspiked. The only plausible explanation is that political reasons are behind thelack of price increases."
Oil markets have seen weekly losses, with Brent crude falling by 3.3%and West Texas Intermediate dropping by 3.9%, amid investor concerns overpotential production increases from Libya and the OPEC+ alliance.