The ongoing conflict between Palestine and Israel has added significant variables to the future of oil prices, as the global economic outlook remains uncertain. Some commodity analysts believe that although the development of the Israeli-Palestinian situation has not yet directly affected oil supply, the risk of major oil producing countries intervening in conflicts is underestimated. Greg Daco, chief economist at Ernst&Young, recently stated that the market needs to be prepared for oil prices to soar to triple digits, considering potential extreme scenarios in the future.