American drivers filling up their tanks for the Thanksgiving weekend can forget about the impact of the Middle East on oil prices for a day or two.
Global oil prices bumped up and down Wednesday as diplomatic efforts to bring an end to the turmoil in Gaza faltered and then ultimately appeared to succeed. And after eight days of violence, most oil benchmark prices are little changed from where they started.
A rise in oil and gasoline prices during a Middle East crisis would come as no surprise, and there is no telling how long a cease-fire will last. But oil experts say there is little chance of a forceful price spike since Israel and Gaza are not oil-producing areas, and global oil supplies are plentiful.
— From staff reports