With the conflict between Israel and Hamas about to escalate, investors appear more preoccupied with domestic issues than the prospect that the conflict could draw in other parties.
It is either disconcerting or reassuring that, even with the Middle East a tinderbox after the Hamas raid on Israel, global financial markets show so few significant signs of stress.
Stocks have been unaffected, with the US market up nearly two per cent since the outbreak of violence and the Australian market 1.3 per cent. Without increased production from the Saudis and/or OPEC, any material reduction in Iranian supply is likely to have a negative impact on the global economy. They might do that, trading still-elevated prices for increased volumes. Without increased production from the Saudis and/or OPEC, any material reduction in Iranian supply is likely to have a negative impact on the global economy.
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