After the 7 October murder of hundreds of Israeli citizens by Iranian proxy terrorist organisation Hamas, the escalation to a full-blown war in the Middle East has never seemed far away. Following the ramping in recent weeks of attacks between Israel and Iran’s terrorist proxy in Lebanon, Hezbollah, it appears closer still. So, what comes next for Israel, Iran and its proxies, and the Middle East, and what will happen to the oil price? The immediate danger of escalation comes more from the brewing Israel-Hezbollah conflict than from the ongoing…
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