With the conflict between Israel and Hamas about to escalate,investors appear more preoccupied with domestic issues than the prospect that the conflict could draw in other parties.
China is the largest oil importer by far from Saudi Arabia and from Iran,highlighting the risk it faces if the war in Israel and Gaza were to broaden.
In the world’s biggest corporate acquisition this year,the oil behemoth is doubling down on fossil fuel production despite increasing concerns about climate change.
The potential for Iran to be drawn into the Hamas-Israel war and the pressure on the US and its allies to tighten Russian sanctions could spell turmoil for energy prices.
The ASX climbed after Wall Street was boosted by remarks from Federal Reserve officials suggesting the bank may refrain from lifting rates further this year.
A third wave of inflation is looming after oil prices spiked following Hamas’s deadly attack on Israel,economists have warned.
The shock attack by Hamas and Israel’s response risk a wider destabilisation of the region - and the global oil market is following developments closely.
Higher oil and gold prices have helped buoy the Australian sharemarket as investors mull over the implications of the attacks by militant group Hamas in Israel.
About a quarter of the value of all US government bonds has been wiped out as interest rates have risen and foreign investors have fled.
The travel industry will need to come up with 300 million tonnes of sustainable aviation fuel – made from animal fats,oils,household waste and crops – to reach net-zero in the next 27 years.
A break in the close correlation between oil prices and the greenback has set off alarm bells.