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Middle East conflict

Escalating hostilities in Israel could have negative effects on energy sector — Putin

According to the Russian leader, it is unclear if there will be any opportunity to defuse the situation in the near future

MOSCOW, October 11. /TASS/. Escalation of the conflict in Israel may lead to disastrous effects, including in the energy industry, the situation should be taken under control, Russian President Vladimir Putin stated during the plenary session of the Russian Energy Week.

"It is unclear if there will be any opportunity to defuse the situation in the near future, but we have to work toward it because the growth of the conflict zone may have major repercussions, including in the energy industry," he said.

Putin noted that the worsening situation in Israel will not affect oil production, but may affect logistics, insurance, and freight. "First and foremost, it may have an immediate impact on insurance, freight, logistics, and other areas. Naturally, this won't have an impact on output, but it could have an impact on all the other factors that determine the situation on the energy markets - this is absolutely clear," he stated.

Tensions flared up again in the Middle East on October 7 when militants from the radical Palestinian Hamas movement staged a surprise attack on Israeli territory from the Gaza Strip. Hamas described its attack as a response to the aggressive actions of Israeli authorities against the Al-Aqsa Mosque in the Old City of Jerusalem. Israel has announced a total blockade of the Gaza Strip as it has been delivering rocket attacks on Gaza as well as some districts in Lebanon and Syria.

According to the latest official data, more than 1,000 Palestinians have been killed since the renewed outbreak of violence, while over 5,100 others have suffered wounds. In Israel, over 1,200 people have lost their lives and roughly 3,000 have been wounded in clashes, including on the West Bank of the Jordan River.

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