Oil - Gaza Conflict May Carry Less Impact on Oil Prices than Previously Thought

05 January 2009 @ 08:56 am EDT

Many analysts glimpse at the map of the Middle East and, rightfully, believe that the conflict in Gaza should carry little impact on the price of Crude Oil. This is because Israel is nowhere near the oil reserves or shipping lanes in the region. Yet one thing is for certain, since the start of hostilities the price of Crude Oil has begun a relatively sharp appreciation, climbing as high as $48.50 a barrel, up from $37.00 just 5 days prior.

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