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Effective URL: https://www.cips.org/supply-management/news/2023/october/hamas-attack-on-israel-could-spike-oil-prices-and-disrupt-su...
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Effective URL: https://www.cips.org/supply-management/news/2023/october/hamas-attack-on-israel-could-spike-oil-prices-and-disrupt-su...
Submission: On October 13 via api from AE — Scanned from NL
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<a href="https://www.cips.org/supply-management/news/2023/october/weather-will-have-second-order-impact-on-short-and-long-term-food-supplies/" title="https://www.cips.org/supply-management/news/2023/october/weather-will-have-second-order-impact-on-short-and-long-term-food-supplies/"><img src="/PageFiles/182460/weather%20770x400.jpg.ashx?width=200&quality=80"><div>Extreme weather will have ‘second order’ impact on short and long-term...</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/october/hamas-attack-on-israel-could-spike-oil-prices-and-disrupt-supply-chain/" title="https://www.cips.org/supply-management/news/2023/october/hamas-attack-on-israel-could-spike-oil-prices-and-disrupt-supply-chain/"><img src="/PageFiles/182454/hamas%20770x400.jpg.ashx?width=200&quality=80"><div>Hamas attack on Israel could spike oil prices and disrupt region's supply...</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/january/how-has-geopolitics-changed-the-skills-needed-by-supply-chain-execs/" title="How has geopolitics changed the skills needed by supply chain execs?"><img src="/PageFiles/180310/geopolitics%20770x400.jpg.ashx?width=200&quality=80"><div>How has geopolitics changed the skills needed by supply chain execs?</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/october/hs2-cancellation-sparks-calls-for-national-logistics-upgrades/" title="HS2 cancellation sparks calls for national logistics upgrades"><img src="/PageFiles/182448/hs2%20770x400.jpg.ashx?width=200&quality=80"><div>HS2 cancellation sparks calls for national logistics upgrades</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/october/weather-will-have-second-order-impact-on-short-and-long-term-food-supplies/" title="Extreme weather will have ‘second order’ impact on short and long-term food supplies"><img src="/PageFiles/182460/weather%20770x400.jpg.ashx?width=200&quality=80"><div>Extreme weather will have ‘second order’ impact on short and long-term...</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/october/hamas-attack-on-israel-could-spike-oil-prices-and-disrupt-supply-chain/" title="Hamas attack on Israel could spike oil prices and disrupt region's supply chains"><img src="/PageFiles/182454/hamas%20770x400.jpg.ashx?width=200&quality=80"><div>Hamas attack on Israel could spike oil prices and disrupt region's supply...</div></a>
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<a href="https://www.cips.org/supply-management/news/2023/october/hs2-cancellation-sparks-calls-for-national-logistics-upgrades/" title="HS2 cancellation sparks calls for national logistics upgrades"><img src="/PageFiles/182448/hs2%20770x400.jpg.ashx?width=200&quality=80"><div>HS2 cancellation sparks calls for national logistics upgrades</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/august/how-to-navigate-the-growing-impact-of-extreme-weather-on-supply-chains/" title="https://www.cips.org/supply-management/opinion/2023/august/how-to-navigate-the-growing-impact-of-extreme-weather-on-supply-chains/"><img src="/PageFiles/182261/Bindiya%20Vakil%20headshot.png.ashx?width=200&quality=80"><div>How to navigate the growing impact...</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/may/why-are-procurement-teams-still-relying-on-manual-processes-in-the-digital-age/" title="https://www.cips.org/supply-management/opinion/2023/may/why-are-procurement-teams-still-relying-on-manual-processes-in-the-digital-age/"><img src="/PageFiles/125705/Ian-Nethercot-greyscale-(primary-pic).jpg.ashx?width=200&quality=80"><div>Why are procurement teams still...</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/may/how-versatility-can-supercharge-supply-chains/" title="https://www.cips.org/supply-management/opinion/2023/may/how-versatility-can-supercharge-supply-chains/"><img src="/PageFiles/117678/Will_Lovatt.jpg.ashx?width=200&quality=80"><div>How versatility can supercharge...</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/april/why-supply-chain-diversification-is-now-a-business-imperative/" title="https://www.cips.org/supply-management/opinion/2023/april/why-supply-chain-diversification-is-now-a-business-imperative/"><img src="/PageFiles/181236/Andrew%20Black.jpg.ashx?width=200&quality=80"><div>Why supply chain diversification is...</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2019/june/addressing-the-skills-gap-in-the-supply-chain-industry/" title="Addressing the skills gap in the supply chain industry"><img src="/PageFiles/144076/iStock-527045000-770x400.jpg.ashx?width=200&quality=80"><div>Addressing the skills gap in the supply chain industry</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2018/september/we-must-equip-procurement-professionals-to-be-leaders/" title="We must equip procurement professionals to be leaders"><img src="/PageFiles/131180/P11_Malcolm_770x400.jpg.ashx?width=200&quality=80"><div>We must equip procurement professionals to be leaders</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2017/july/what-procurement-can-learn-from-football/" title="What procurement can learn from football"><img src="/PageFiles/114301/PA-31478297-770x400.jpg.ashx?width=200&quality=80"><div>What procurement can learn from football</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2022/november/what-do-changes-to-vertical-agreements-mean-for-you/" title="What do changes to vertical agreement rules mean for you?"><img src="/PageFiles/179700/AndrewMaxwell2.png.ashx?width=200&quality=80"><div>What do changes to vertical agreement rules mean for you?</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2022/august/the-risks-of-supply-chain-non-compliance/" title="4 steps to minimise compliance risk in supply chains"><img src="/PageFiles/178813/emily-sadler2.png.ashx?width=200&quality=80"><div>4 steps to minimise compliance risk in supply chains</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2021/november/net-zero-goes-public/" title="Public procurement's role in the journey to net-zero"><img src="/PageFiles/174164/SKILLS---legal---Jessica-Boardman-at-Bevan-Brittan-v2_770x400.jpg.ashx?width=200&quality=80"><div>Public procurement's role in the journey to net-zero</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2021/october/what-are-the-legal-implications-of-the-supply-chain-crisis/" title="What are the legal implications of the supply chain crisis?"><img src="/PageFiles/173648/Legal%20supply%20chains770%20x%20400.jpg.ashx?width=200&quality=80"><div>What are the legal implications of the supply chain crisis?</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/september/can-you-really-eradicate-greenwashing/" title="Can you really eradicate greenwashing?"><img src="/PageFiles/182067/debate2.png.ashx?width=200&quality=80"><div>Can you really eradicate greenwashing?</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/march/is-procurement-suited-to-flexible-working-environments/" title="Is procurement suited to flexible working environments?"><img src="/PageFiles/180437/Debate%20770%20x%20400.jpg.ashx?width=200&quality=80"><div>Is procurement suited to flexible working environments?</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2023/february/were-moving-away-from-tactical-relationships-to-build-an-ecosystem-of-collaboration/" title="'Why we’re moving away from tactical supplier relationships,' says Schneider Electric CPO"><img src="/PageFiles/180358/IMG_5089wOriginal_770x400.jpg.ashx?width=200&quality=80"><div>'Why we’re moving away from tactical supplier relationships,' says...</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2022/june/how-will-procurement-shape-the-future/" title="How procurement can shape a better future"><img src="/PageFiles/177416/Thomas%20Udesen2.png.ashx?width=200&quality=80"><div>How procurement can shape a better future</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2017/july/setting-thresholds-to-make-supply-chains-sustainable/" title="Setting thresholds to make supply chains sustainable"><img src="/PageFiles/114234/p53portrait-770x400.jpg.ashx?width=200&quality=80"><div>Setting thresholds to make supply chains sustainable</div></a>
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<a href="https://www.cips.org/supply-management/opinion/2017/february/mark-stevenson/" title="Do you even know you are being sold to? "><img src="/PageFiles/111124/TJProfileV2-770x400.jpg.ashx?width=200&quality=80"><div>Do you even know you are being sold to? </div></a>
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<a href="https://www.cips.org/supply-management/opinion/2017/july/setting-thresholds-to-make-supply-chains-sustainable/" title="Setting thresholds to make supply chains sustainable"><img src="/PageFiles/114234/p53portrait-770x400.jpg.ashx?width=200&quality=80"><div>Setting thresholds to make supply chains sustainable</div></a>
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<h1 class="article-title"> Hamas attack on Israel could spike oil prices and disrupt region's supply chains </h1>
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<div><span>posted by </span><a href="https://www.cips.org/supply-management/author/will-philiips/">Will Phillips</a></div>
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</span><a href="https://www.cips.org/supply-management/topic/procurement/" title="Procurement">Procurement</a><a href="https://www.cips.org/supply-management/topic/risk/" title="Risk">, Risk</a><a href="https://www.cips.org/supply-management/topic/supply-chain/" title="Supply chain">, Supply chain</a>
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<div class="pull-right"><i class="fa fa-lg fa-clock-o"></i> 9 October 2023</div>
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<p class="article-content-bold"><strong>Attacks by Palestinian militant group, Hamas, on Israel in the last 48 hours have sparked warnings about oil price uncertainty and a likely surge in supply chain disruptions.</strong></p>
<p>Following the actions by Hamas – its largest ever coordinated attack – fear of further geopolitical escalation, oil sanctions, and supply chain shocks have already seen the price of crude oil jump by 3%. </p>
<p>The weekend's bombings has already had an impact, with Israel suspending production at its natural gas field in Tamar, a facility operated by US energy producer Chevron. </p>
<p>According to Igor Yelnik, CEO at investment management firm, Alphidence, if a separate geopolitical power, such as Iran, entered the fray [it supports Hamas], then Israel could launch a strong military response, coupled by the
blockade of Iranian ports.</p>
<p>Yelnik told <em>Supply Management</em>: “Understanding this multilateral picture is the key to understanding implications of the Hamas attack on Israel. These implications, not the local fight on the Israeli/Gaza soil are
exactly what will define potential disruptions of supply chains and market prices.”</p>
<p>“[Iranian support] is the main risk which seems to be priced by the market now. Should this happen, Saudis will try to fill the gap. Russia will be a clear beneficiary should this happen. In the event of the broad conflict we should
expect the gold price to spike.”</p>
<p>Yelnik said that while oil prices have risen, its rise was “not commensurate to a major conflict being a certainty. However, he warned “this may change at any instant”.</p>
<p>Chandini Jain, CEO at financial insights provider, Auquan, agreed that the attack would concern oil buyers primarily because of the potential for regional escalation and involvement of key oil-producing nations, especially Iran or
OPEC.</p>
<p>She told <em>SM</em>: “Iran's connection to Hamas; its significant oil production capabilities; and control over oil routes are the key concerns. Iran has expressed support for the Palestinian attack and if Israel retaliates
with any aggression against Iran, it could significantly disrupt global oil supplies and prices.”</p>
<p>The Strait of Hormuz is a major maritime route for global oil trade, with around 17 million barrels of oil moving through it daily, and Iran has previously threatened to close it.</p>
<p>Jain added that oil production cuts by Saudi Arabia and Russia have already strained global crude supplies, and any further, rea, or perceived disruption would have price implications, particularly given the critical importance of
the Persian Gulf for supplies.</p>
<p>“Iran has increased its oil exports and played a key role in stabilising global oil prices through the Russia-Ukraine conflict,” Jain explained. “There is a risk that the US might adopt a tougher stance on Iranian oil exports in the
wake of the conflict, further unsettling the oil market. Current expectations indicate that Saudi Arabia is unlikely to halt oil supplies in support of Palestine.”</p>
<p>The UAE's energy minister also confirmed that OPEC decisions will not be influenced by the conflict. </p>
<p>Andrew Woods, commodity analyst at Mintec told <em>SM</em> that market sources were saying: “any disruption to Iranian oil exports or production would be interpreted by the market as a supply concern.”</p>
<p>These concerns would be particularly important given the recent output cuts from OPEC, which have already been priced into the market.</p>
<p>However, he added it would be difficult to know the extent of Iran’s involvement and whether the country would be “punished.”</p>
<p>“Currently, the main concern is how shipping routes in the region are going to be impacted. Some sources are worried about supply continuity. The major thing we’re watching out for is geopolitical escalation. Which other countries
are going to become involved in the situation?”</p>
<p>“The role of the US is also on our radar, with the USS Gerald Ford aircraft carrier already having moved into position in the Eastern Mediterranean. It’s a rapidly evolving situation, and it’s not yet clear how significant the impact
will be on oil and gas markets.” </p>
<p>Hamas launched its largest ever attack on Israel during the weekend (8 October), with rocket strikes, killings and hostage taking.</p>
<p>In turn Israel launched a retaliatory wave of air strikes on Gaza, with experts warning that the conflict could affect a broad swath of commodities and supply chains.</p>
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This website uses cookies to improve your experience. By continuing to use this website you are accepting our cookie policy.Accept SUPPLY MANAGEMENT Global * Africa * Asia * Australia and NZ * Global * MENA * UK * USA JOIN MENU Home News Careers and skills Ethics Law Procurement Supply chain Opinion Careers and skills Law Procurement Supplier relations Supply chain Analysis Careers and skills Risk Supplier relations Sustainability Awards Jobs SM InsiderCurrent Issue JOIN Login Membership ID / Email Address Password Global AfricaAsiaAustralia and NZGlobalMENAUKUSA News Careers and skills Ethics Law Procurement Supply chain Extreme weather will have ‘second order’ impact on short and long-term... ‘Focus on microeconomics’ to get through the next 12 months Hamas attack on Israel could spike oil prices and disrupt region's supply... HS2 cancellation sparks calls for national logistics upgrades Why food suppliers are pushing government to ease immigration rules What are the traits of a successful CPO? How has geopolitics changed the skills needed by supply chain execs? Procurement professionals recognised in King's New Year Honours 2023 Retailers working with producers to bolster labour rights in fishing... Shein accused of ‘threatening’ suppliers with loyalty oaths Illegal Migration Bill may undermine the UK's position as anti-slavery... Lack of slavery commissioner creating ‘vacuum of oversight’ at crucial... Major copper producer victim of ‘three-digit-million’ euro metals theft Government drafting slavery supply chain law US government contractor pays ‘one of the largest procurement fraud... Lack of slavery commissioner creating ‘vacuum of oversight’ at crucial... Extreme weather will have ‘second order’ impact on short and long-term... ‘Focus on microeconomics’ to get through the next 12 months Hamas attack on Israel could spike oil prices and disrupt region's supply... HS2 cancellation sparks calls for national logistics upgrades Extreme weather will have ‘second order’ impact on short and long-term... ‘Focus on microeconomics’ to get through the next 12 months Hamas attack on Israel could spike oil prices and disrupt region's supply... HS2 cancellation sparks calls for national logistics upgrades Opinion Careers and skills Law Procurement Supplier relations Supply chain How to navigate the growing impact... Why are procurement teams still... How versatility can supercharge... Why supply chain diversification is... Why nothing is more expensive than a missed opportunity Addressing the skills gap in the supply chain industry We must equip procurement professionals to be leaders What procurement can learn from football What do changes to vertical agreement rules mean for you? 4 steps to minimise compliance risk in supply chains Public procurement's role in the journey to net-zero What are the legal implications of the supply chain crisis? Can you really eradicate greenwashing? Is procurement suited to flexible working environments? 'Why we’re moving away from tactical supplier relationships,' says... How procurement can shape a better future Setting thresholds to make supply chains sustainable Do you even know you are being sold to? Addressing the skills gap in the supply chain industry Setting thresholds to make supply chains sustainable Analysis Careers and skills Risk Supplier relations Sustainability Awards The new procurement career A royal appointment: how procurement delivered a royal funeral and... Atlantis Dubai used employee engagement to fuel a procurement... Are physical stores still thriving in the omnichannel mix? The new procurement career Atlantis Dubai used employee engagement to fuel a procurement... Are physical stores still thriving in the omnichannel mix? Where is all the top talent in procurement? How to develop new ways to monitor market volatility What you need to know about supply chain collaboration and IP protection Will procurement return to prioritising cost? Navigating changes in global distribution How procurement can benefit from supplier secondments The importance of supplier relationships in industry innovation Use soft skills to manage inflation and cost rises Procurement helps refugees find their own solutions, says Danish Refugee... Forever chemicals - procurement's next big challenge How do you solve a problem like returns? Metro Bank's arduous journey to launch a comprehensive carbon management... Is it possible to fully decommodify procurement? Meet the 2022 CIPS Symposium winners and finalists What does it take to be a procurement leader today A procurement masterclass in 'building a plane while flying it' A high-tech procurement strategy that's reaping rewards Jobs SM InsiderCurrent Issue Israel has conducted multiple airstrikes in the Gaza Strip following attacks by Hamas © Photo by Mustafa Hassona/Anadolu Agency via Getty Images HAMAS ATTACK ON ISRAEL COULD SPIKE OIL PRICES AND DISRUPT REGION'S SUPPLY CHAINS posted by Will Phillips in Procurement, Risk, Supply chain 9 October 2023 Attacks by Palestinian militant group, Hamas, on Israel in the last 48 hours have sparked warnings about oil price uncertainty and a likely surge in supply chain disruptions. Following the actions by Hamas – its largest ever coordinated attack – fear of further geopolitical escalation, oil sanctions, and supply chain shocks have already seen the price of crude oil jump by 3%. The weekend's bombings has already had an impact, with Israel suspending production at its natural gas field in Tamar, a facility operated by US energy producer Chevron. According to Igor Yelnik, CEO at investment management firm, Alphidence, if a separate geopolitical power, such as Iran, entered the fray [it supports Hamas], then Israel could launch a strong military response, coupled by the blockade of Iranian ports. Yelnik told Supply Management: “Understanding this multilateral picture is the key to understanding implications of the Hamas attack on Israel. These implications, not the local fight on the Israeli/Gaza soil are exactly what will define potential disruptions of supply chains and market prices.” “[Iranian support] is the main risk which seems to be priced by the market now. Should this happen, Saudis will try to fill the gap. Russia will be a clear beneficiary should this happen. In the event of the broad conflict we should expect the gold price to spike.” Yelnik said that while oil prices have risen, its rise was “not commensurate to a major conflict being a certainty. However, he warned “this may change at any instant”. Chandini Jain, CEO at financial insights provider, Auquan, agreed that the attack would concern oil buyers primarily because of the potential for regional escalation and involvement of key oil-producing nations, especially Iran or OPEC. She told SM: “Iran's connection to Hamas; its significant oil production capabilities; and control over oil routes are the key concerns. Iran has expressed support for the Palestinian attack and if Israel retaliates with any aggression against Iran, it could significantly disrupt global oil supplies and prices.” The Strait of Hormuz is a major maritime route for global oil trade, with around 17 million barrels of oil moving through it daily, and Iran has previously threatened to close it. Jain added that oil production cuts by Saudi Arabia and Russia have already strained global crude supplies, and any further, rea, or perceived disruption would have price implications, particularly given the critical importance of the Persian Gulf for supplies. “Iran has increased its oil exports and played a key role in stabilising global oil prices through the Russia-Ukraine conflict,” Jain explained. “There is a risk that the US might adopt a tougher stance on Iranian oil exports in the wake of the conflict, further unsettling the oil market. Current expectations indicate that Saudi Arabia is unlikely to halt oil supplies in support of Palestine.” The UAE's energy minister also confirmed that OPEC decisions will not be influenced by the conflict. Andrew Woods, commodity analyst at Mintec told SM that market sources were saying: “any disruption to Iranian oil exports or production would be interpreted by the market as a supply concern.” These concerns would be particularly important given the recent output cuts from OPEC, which have already been priced into the market. However, he added it would be difficult to know the extent of Iran’s involvement and whether the country would be “punished.” “Currently, the main concern is how shipping routes in the region are going to be impacted. Some sources are worried about supply continuity. The major thing we’re watching out for is geopolitical escalation. Which other countries are going to become involved in the situation?” “The role of the US is also on our radar, with the USS Gerald Ford aircraft carrier already having moved into position in the Eastern Mediterranean. It’s a rapidly evolving situation, and it’s not yet clear how significant the impact will be on oil and gas markets.” Hamas launched its largest ever attack on Israel during the weekend (8 October), with rocket strikes, killings and hostage taking. In turn Israel launched a retaliatory wave of air strikes on Gaza, with experts warning that the conflict could affect a broad swath of commodities and supply chains. IsraelOil and gasPalestine NOW READ * Qatar investment drives 60% surge in oil and gas industry contract value * Oil cuts see Saudi Arabia enter ‘technical recession’ * National Risk Register adds ‘attack on energy supplies’ to its list of major threats * ADNOC brings forward net zero pledges amid environmental criticisms * ADNOC will extend natural gas pipeline to boost supplies in $1.3bn contract Popular Articles * Hamas attack on Israel could spike oil prices and disrupt region's supply chains * US political challenges could disrupt logistics and delay trade talks * HS2 cancellation sparks calls for national logistics upgrades * US allows South Korean chipmakers to indefinitely supply factories in China * Extreme weather will have ‘second order’ impact on short and long-term food supplies LATEST JOBS SEARCH JOBS SIGN UP TO OUR DAILY GLOBAL NEWS BULLETINS Find us on CIPS Knowledge Find out more with CIPS Knowledge: * best practice insights * guidance * tools and templates GO TO CIPS KNOWLEDGE SIGN UP TO OUR DAILY GLOBAL NEWS BULLETINS Find us on SIGN UP TO OUR DAILY GLOBAL NEWS BULLETINS GET SUPPLY MANAGEMENT MAGAZINE JOIN CIPS SUPPLY MANAGEMENT © 2023 CIPS - All rights reserved Developed by SUPPLY MANAGEMENT CLOSE FOOTER Events Magazine January-March 23 October-December 22 July-September 22 April-June 22 January-March 22 Information Contact Us Privacy Statement Terms & Conditions About us Sitemap Developed by