Key Takeaways
- The Israel-Hamas war could push up global oil and gas prices if it drags on.
- Former Egyptian FM Nabil Fahmy emphasized that energy costs are secondary to human lives.
- A prolonged geopolitical disturbance may disrupt strategic goods, affecting markets worldwide.
Cairo: The ongoing Israel-Hamas war could have an impact on the price of oil and gas around the world if the conflict is prolonged, former Egyptian Foreign Minister Nabil Fahmy told Sputnik.
“Any extended geopolitical disturbance effects strategic goods, be it oil, be it gas,” Fahmy said.
“The cost of energy – be that oil or gas – could be affected, but it’s secondary in my mind. My primary objective here is the cost in terms of human life.”
On October 7, Hamas launched a surprise large-scale rocket attack against Israel from the Gaza Strip. Israel launched retaliatory strikes and ordered a complete blockade of the Gaza Strip, home to more than 2 million people, cutting off supplies of water, food and fuel. The blockade was later eased to allow trucks with humanitarian aid into the Gaza Strip. The escalation of the conflict has resulted in thousands of people killed and injured on both sides.
