Israel-Hamas War: Impact On Ports And Crude Oil, What Experts Say
Palestinian militant group Hamas launched an unprecedented attack on Israel, killing residents and taking hostages. Israel has declared war against Hamas and has launched retaliatory attacks.
Israel has begun the offensive phase, and will “continue with neither limitations nor respite until the objectives are achieved,” Israeli Prime Minister Benjamin Netanyahu noted.
The Israel Defense Forces (IDF) said on Saturday morning around 2,200 rockets were launched from the Gaza Strip into Israeli territory.
IDF fighter jets, helicopters, aircraft and artillery struck yesterday over 500 Hamas and “Islamic Jihad terrorist targets in Gaza,” as it is reported by IDF.
Marine insurer and one of the largest P&I clubs in the International Group NorthStandard, issued updates received from correspondents, as changes in the operational status of ports may occur at any time.
In accordance with the Harpaz P&I report, the port of Ashdod is currently operating in “emergency mode” status.
As the report furthermore highlights “The port of Haifa which also include the Haifa Bay port and Israel shipyard port is operating as usual. The port of Ashkelon (used mostly by tankers) is not operating. The port of Hadera (mostly used by bulk carriers) is operating as usual. The Israeli Navy control all the sea traffic in all areas around and near the port of Ashdod and Ashkelon. A message issued on 7/10/23 by Ashdod port authorities which relate to vessel’s carried hazardous material.”
Besides the impact of the war on shipping, there are also fears in the market that the conflict will trigger a surge in crude oil prices.
“Likely oil disruption scenario if conflict spreads to Iran,” Bob Mcnally, Rapidan Energy Group told CNBC.
Israel’s subsequent declaration of war risk unnerving markets when they reopen Monday, with investors eyeing the reaction of the oil price as a guidepost, although crude traders aren’t anticipating an outsized surge.
The fallout in markets will likely be determined by whether conflict spreads to the rest of the Middle East region.
Many analysts suggest that much will depend on whether the crisis turns out to be another short-term flare-up or something much bigger like a war between Israel and Iran.
“Hamas forces invaded Israeli territory this morning, on the morning of a holiday and Shabbat, and murdered innocent civilians, children and the elderly. Hamas started a cruel and evil war,” Israeli Benjamin Netanyahu said in a message shortly after the attack of militant group Hamas.
NEWS SOURCE: https://shippingtelegraph.com/port-news/israel-hamas-war-impact-on-ports-and-crude-oil-what-experts-say/
IMAGE SOURCE: https://www.pexels.com/tr-tr/
10.10.2023
