Palestine-Israel Conflict Affects Gas Market, Says Former Egyptian Foreign Minister

The Palestine-Israel conflict could negatively impact the oil market and has already affected the gas market, with a decrease in energy supplies intended for European consumers. This was stated to RIA Novosti by former Egyptian Foreign Minister Nabil Fahmy.

“Any extended geopolitical upheaval affects strategic commodities, whether oil or gas,” he noted. According to Fahmy, the conflict has impacted the gas market as the volume of gas arriving from Israeli sources to Egypt for shipment to Europe has already been reduced.

Recall that on the morning of October 7, Israel was subjected to an unprecedented missile attack from the Gaza Strip. The Israeli army’s press service reported that extremists fired more than 3,000 rockets. Additionally, dozens of terrorists infiltrated border areas in southern Israel. The military wing of the Palestinian Hamas movement announced that they were conducting an operation titled “Al-Aqsa Flood” against Israel. The Israel Defense Forces (IDF) also announced the initiation of “Iron Swords” operations against Hamas in the Gaza Strip.

According to the latest reports, the number of casualties in the Gaza Strip has exceeded 4,600, while the number of fatalities among Israeli residents has reached around 1,000. Various estimates suggest that Hamas has taken around 250 people captive.