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The Conversation
The Conversation
Jamie Cross, Assistant Professor of Econometrics & Statistics, Melbourne Business School

50 years ago when the Middle East was at war, oil prices skyrocketed. But it probably won't happen this time.

Oil Hamas Israel Australia

Global oil prices jumped after Israel declared war on Hamas in response to its unexpected attack on Israel on Saturday, the eve of the 50th anniversary of the 1973 Arab-Israeli War.

Back then, between late 1973 and early 1974, the world oil price almost quadrupled after the United States offered financial support to Israel in the Arab–Israeli War. The Organisation of Arab Petroleum Exporting Countries cut off oil exports to nations including the US, the United Kingdom, Canada and Japan.

Could it happen again? Although it has been said that history doesn’t repeat, but it rhymes, the answer is almost certainly no.

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