How tensions in the Middle East could impact global shipping
Fox News
The Oct. 7 attacks against Israel and resulting warfare have sent the price of oil on a rollercoaster. A steep decline may affect shipping worldwide.
Bret Baier is the Chief Political Anchor of Fox News Channel, and the Anchor and Executive Editor of "Special Report with Bret Baier." He is the author of five presidential biographies. His fifth biography, "To Rescue the Constitution: George Washington and the Fragile American Experiment" is out October 10, 2023.
Israel is located near oil and gas giants — Saudi Arabia, Iraq and Iran. It is also surrounded by key oil trade routes.
"The market does not appear to believe there's going to be risks to regional transportation or production. The risks to production may be diminished because Saudi Arabia and Iran are currently getting along," Book said. "But the risks to transportation look very real. So the market may not be counting as much risk as there could be."
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