Hamas' strike on Israel will force the market to 'beg' Saudi Arabia to pump out more oil, famed crude trader says

Mon, 10/09/2023 - 07:07

Palestinians react as an Israeli military vehicle burns after it was hit by Palestinian gunmen who infiltrated areas of southern Israel, at the Israeli side of Israel-Gaza border. — An Israeli military vehicle burns after being hit by Palestinian gunmen who infiltrated southern Israel.
Mohammed Fayq Abu Mostafa/REUTERS

Oil prices jumped Monday, with traders worried that Hamas' attack on Israel could disrupt supply.
Hedge fund manager Pierre Andurand expects the conflict to benefit Saudi Arabia, which recently started pumping out less crude.
"The market will eventually have to beg for more Saudi supply," he said in a post on X.

Hamas' surprise assault on Israel will drive up oil prices and force global energy markets to "beg" Saudi Arabia to reverse its recent production cuts, according to Pierre Andurand.