Mideast Conflict Threatens Oil Prices and Indonesian Economy

The ongoing conflict in the Middle East has raised concerns about a potential surge in global oil prices, which threatens to impact the world economy, including Indonesia.

Tim Redaksi

13 Okt 2023 - 19.41
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Mideast Conflict Threatens Oil Prices and Indonesian Economy

Illustration - oil tanker docked at the port.

Bisnis, JAKARTA — The ongoing conflict in the Middle East has raised concerns about a potential surge in global oil prices, threatening to impact the world economy, including Indonesia.

The sudden attack by the Hamas militants on Israel on Saturday (10/7/2023) was a continuation of the Israel-Palestine conflict. Nearly 2,000 people have lost their lives in the competition, which has the potential to have broader geopolitical implications.

Entering the 4th day of the war, the price of West Texas Intermediate (WTI) crude oil settled below $86 per barrel on Tuesday after surging more than $3 on Monday.

While Israel and Gaza play a minor role in the world oil market, the Middle East contributes about a third of the global supply, and the market is concerned about the ramifications the war can bring to the world economy.

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Editor: Yusuf Waluyo Jati
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Mideast Conflict Threatens Oil Prices and Indonesian Economy

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