Oil prices continued to fall this week, perhaps reflecting less concern that the Israel-Hamas conflict will expand to other countries in the region and that Middle East oil supply will be negatively affected. Developments in the Israel-Hamas conflict will remain a key driver of oil and natural gas prices in the coming weeks. Any signs that large oil producers such as Iran or Saudi Arabia are getting involved in the conflict would spark a rally in prices. However, if the conflict appears contained, prices could continue to slide.
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