Over the weekend, the world woke up to the extremely disturbing news coming out of Israel, with the conflict escalating rapidly as days went by. Oil prices initially gained on the news but retreated later in the week on the realisation that neither Israel, nor its direct neighbours (except Egypt) have any meaningful crude production. Although Egypt is a relatively big producer, with its output at 600kbd last year, there appears to be little apparent risk here as the country, a frequent mediator between Israel and the Palestinians, always insisted that the two sides resolve conflicts within their borders.
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