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Why oil prices are falling, despite war in Israel and Gaza : The Indicator from Planet Money The Middle East is synonymous with oil production. And historically, oil prices usually surge when there's a conflict there.

But right now, despite the Israel-Hamas war, we're seeing the opposite — oil prices have fallen.

Today on the show: how the region's history, geography and markets are shaping oil prices.

Related Episodes:
Why oil price shocks are getting less shocking (Apple Podcasts/Spotify)
What could convince Egypt to take in Gaza's refugees? (Apple Podcasts/Spotify)

The Indicator from Planet Money

Oil prices and the Israel-Hamas war

Oil prices and the Israel-Hamas war

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SIGNAL HILL, CA - MARCH 5: Pumps draw petroleum from oil wells through the night as the cost of crude oil tops $104 per barrel in its surge to new record high prices March 5, 2008 in Signal Hill, California. The cost of crude has California drivers paying more than ever. Statewide gas prices are now 58 cents a gallon higher than the same time last year. (Photo by David McNew/Getty Images)
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David McNew/Getty Images
SIGNAL HILL, CA - MARCH 5: Pumps draw petroleum from oil wells through the night as the cost of crude oil tops $104 per barrel in its surge to new record high prices March 5, 2008 in Signal Hill, California. The cost of crude has California drivers paying more than ever. Statewide gas prices are now 58 cents a gallon higher than the same time last year. (Photo by David McNew/Getty Images)
David McNew/Getty Images

The Middle East is synonymous with oil production. And historically, oil prices usually surge when there's a conflict there.

But right now, despite the Israel-Hamas war, we're seeing the opposite — oil prices have fallen.

Today on the show: how the region's history, geography and markets are shaping oil prices.

Related Episodes:

Why oil price shocks are getting less shocking (Apple Podcasts/Spotify)

What could convince Egypt to take in Gaza's refugees? (Apple Podcasts/Spotify)

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

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