By: Justicia Shipena
THE ongoing conflict between Israel and Palestine has been a long-standing concern in international relations and geopolitics.
Beyond the immediate and far-reaching humanitarian implications, this conflict can also have repercussions in the global energy markets, potentially affecting fuel prices in countries like Namibia.
Last week, following an unexpected strike by Hamas on Israel, the worldwide crude oil price surged to more than $87 a barrel on Monday, up from less than $83 late the previous week, representing a roughly 5% increase.
Abednego Ekandjo, a petroleum economist at the Ministry of Mines and Energy, emphasised that the war situation in Israel and Palestine “will undoubtedly” impact local fuel prices, as global markets adjust their pricing in response to the conflict.
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