What Israel-Hamas war means for oil prices: 'There is definitely going to be a fear trade put in place'

(Credit: Zachary Pearson- U.S. Navy via Getty Images)

Oil traders face a changed world heading into the new week. With the sudden eruption of war in Israel, following surprise attacks by Hamas, fear and uncertainty in markets could drive up crude oil prices. 

"The conflict poses a risk of higher oil prices, and risks to both inflation and the growth outlook," Karim Basta, chief economist at III Capital Management, told Reuters.