Mideast crisis may disrupt oil supplies, raise prices

Mideast crisis may disrupt oil supplies, raise prices

The current Middle East crisis, amid the Israel-Hamas conflict, may disrupt global oil supplies and lead to higher oil prices. However, experts believe it won't lead to a repeat of the severe price hikes and long gasoline lines seen during the 1973 Arab oil embargo. This situation adds to existing oil market volatility due to production cutbacks by Saudi Arabia and Russia, as well as increased demand from China, potentially impacting inflation and affecting developing countries reliant on oil imports.

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