Number Theory: Have oil prices and Israel been dehyphenated?
Does it mean that oil prices and Israel have been dehyphenated today? Here are four charts which try and answer this question
When Hamas made its deadliest ever attack on Israel on October 7, 2023, the symbolism of the timing was difficult to miss. It came exactly fifty years after what is known as the Yom Kippur War or the fourth Arab-Israeli war when a group of Arab nations led by Egypt and Syria launched a surprise attack on Israel on October 6, 1973. While Israel managed to win the battle, the costs of the war were paid by the entire world. The Organisation of Arab Petroleum Exporting Countries (OAPEC) decided to put an oil embargo on every country which had helped Israel in its war effort. The list pretty much included the entire advanced capitalist block and led to massive energy shortages, inflation and large-scale economic chaos. The chain of economic events triggered by the Yom Kippur War are known as the First Oil Shock in the history of modern capitalism.
