Oil prices, which had averaged above $100 per barrel in 2022, were significantly lower in 2023 and averaged just above $80 a barrel—despite another war breaking out in the world. The Hamas-Israel conflict, which began in early October, lifted oil prices, but only briefly. In less than a month, prices had given up all the gains from the new geopolitical risk in the most important oil-producing and oil cargo transit region in the world. Brent Crude, the international benchmark, reached its highest price for 2023 at the end of September…
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