While initial reports claimed the leaders survived, Hamas stated that several bodyguards were killed in the attack. The Israeli government has not publicly confirmed the outcome of the operation. This incident drew widespread international condemnation on Tuesday, but tensions appeared to be easing on Wednesday. As a result, any upward pressure on oil and gas prices from this specific event is expected to be temporary.
The American Petroleum Institute (API), meanwhile reported a build-up in U.S. crude oil stocks, which typically signals weakening demand and can exert downward pressure on oil prices. This build-up may stem from ongoing concerns about the health of the U.S. economy and recent labour force data. A rising crude stock in the United States, the world's largest consumer, is a significant factor in global oil price dynamics.
While Qatar is a major global producer of liquefied natural gas (LNG), it is not the world's largest anymore. The United States has recently surpassed Qatar in this regard. Nonetheless, the attack in a volatile region can influence natural gas prices. The approach of cooler autumn weather in the Northern Hemisphere, which leads to higher consumption of natural gas for heating, also contributes to upward price pressure.
