The governor of the Bank of England, Andrew Bailey, said this Wednesday that the conflict in middle East has not had an impact on the oil pricesas was initially feared, although he acknowledged that there is still uncertainty.
“Unfortunately, the world is a pretty uncertain place. “It is clear that there is the possibility of further global impacts,” Bailey said in an appearance today before the Treasury Committee of the House of Commons of the British Parliament.
“The events in the Middle East are obviously tragic from an individual point of view, interesting from an economic point of view… If you look at oil prices, they haven’t really had the effect that I feared”added the governor.
“I would say that one of the things that, fortunately, has not happened is that we have not had a prolonged increase in oil prices,” he pointed out.
The governor of the English issuing bank highlighted that, after an initial rebound, “Right now we are seeing that, if anything, the price of oil is going down a little.”
Black gold prices rose after the attack by the Palestinian Islamist terrorist organization Hamas in Israel on October 7, 2023, and also due to tension in the Red Sea following attacks on ships by Houthi rebels.
However, the price of a barrel of Brent crude oil, the benchmark in Europe, has stabilized and is around US$77.
Source: Gestion
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