2024-10-15
6 分钟The Economist. Hello, Alice Fullwood here, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editors' Picks.
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are nervously eyeing the oil price.
The conflict between Israel and Hamas that began a year ago is spreading.
If all-out war erupts between Israel and Iran, the threat to the Middle East,
a region that produces a third of the world's crude, is as obvious as it is scary.
Few commodities affect the global economy as much as oil does.
And as American presidential candidates are keenly aware,
few are as likely to sway an election.
The past two years of inflation have shown just how much voters hate sticker shock.
The price of oil rose by 10% in a week as Israel attacked Hezbollah,
a Lebanese militia backed by Iran,
and Iran retaliated with around 200 missiles fired directly at Israel.
On October 7th, it reached $81 a barrel before falling.
Two and a half years ago,
Russia's invasion of Ukraine sent oil prices surging beyond $120,
as the West imposed sanctions on Russia and fears intensified of disruptions to the supply from the world's second biggest exporter.