(Photo: Varuth Hirunyatheb)Concern the Israeli-Hamas conflict may escalate has led to worries over volatility in global crude oil prices. Last week, West Texas Intermediate reference crude oil prices were expected to average $80-87 per barrel, according to an estimate by Thai Oil Plc, the oil refinery arm of PTT. The Middle East produces one-third of the global crude oil supply, and prices rose more than 4% on Tuesday. Oil prices are projected to remain flat at $85-87 because Israel and Palestine are not major oil producers, said the brokerage. The crude oil prices may fluctuate if the war escalates as the US, Canada and the Middle East are among the world's top 10 crude oil producers," said ASPS.
