Israel Hamas War: Iran’s Call for Oil Embargo on Israel Roils Markets

A high-ranking Iranian official asked Islamic countries to stop sending oil to Israel, which briefly caused oil prices to go up. This happened because people got worried that there might be an oil embargo because of the problems between Israel and some militant groups.
Israel Hamas War
Iran's foreign minister, Hossein Amir-Abdollahian, made this request during a meeting of the Organization of Islamic Cooperation in Saudi Arabia. He said that Islamic countries should boycott Israel, including stopping the oil shipments to them.

Israel mostly gets its oil from places like Kazakhstan, Azerbaijan, and Nigeria. It doesn't buy oil from big countries in the Persian Gulf like Saudi Arabia, the United Arab Emirates, or Iran. So, even if there's an oil embargo, it might not hurt Israel too much.

But the idea of an embargo reminded people of what happened 50 years ago during the 1973 Arab-Israeli war. Back then, some Arab countries stopped sending oil to the United States and a few others because they supported Israel. This caused long lines at gas stations in the United States and made oil prices higher, which still affects us today.

People got worried that something similar might happen again, so the prices for Brent crude oil, which is an important kind of oil, went up a little on Wednesday. However, they later went back down.

Most people are scared of what might happen in the future, but there's no sign yet that other countries in OPEC, which is a group of oil-producing nations, will join Iran in a bigger conflict with Western countries. Israel could be hurt if its ports are damaged or if oil shipments stop, but they have made sure to have different places they get oil from.

One of Israel's major oil ports, Ashkelon, has stopped receiving oil temporarily, probably for safety reasons. They can still get oil through another port in Haifa, which is north of Tel Aviv. But they haven't received any oil there for over a week. Israel has at least a month's worth of oil stored in tanks.

Israel gets around 270,000 barrels of oil every day, with about one-third from Kazakhstan and 50,000 from Azerbaijan. These two countries have mostly Muslim populations, but they are unlikely to follow Iran's request for an embargo. They are not like Middle Eastern countries such as Jordan and Egypt, where people closely watch what's happening between Israel and the Palestinians in Gaza and the West Bank. We kindly request you to disseminate this news and provide your insights in the comments section. Thank you

Also Read