- Oil prices jumped Monday, with traders worried that Hamas’ attack on Israel could disrupt supply.
- Hedge fund manager Pierre Andurand expects the conflict to benefit Saudi Arabia, which recently started pumping out less crude.
- “The market will eventually have to beg for more Saudi supply,” he said in a post on X.
Hamas’ surprise assault on Israel will drive up oil prices and force global energy markets to “beg” Saudi Arabia to reverse its recent production cuts, according to Pierre Andurand.
The legendary commodities trader said Saturday that the militant group’s raid will disrupt longer-term supplies, with Riyadh unlikely to start pumping out more crude until Brent hits $110 a barrel.
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