The price of oil products in the world market started to increase a few days after the surprise attack by the Palestinian militant group Hamas on Israel last Saturday, October 7.

According to Brian Martin and Daniel Hynes of the multinational banking and financial services firm ANZ Group, they are concerned about the world’s petroleum supply now that the tension in Israel is still ongoing.

Saudi Arabia and Russia are the first countries to say that they reduced oil production to stabilize the price in the world market.

Moreover, Martin and Hynes said that the mentioned factors might affect the inflation or movement of the price of commodities in other countries.

They said the situation in Israel right now is considered a "headache" for central banks, as they are trying to be cautious in imposing interest rate hikes to avoid recessions.

The international wires has recently reported that the price of the petroleum in the world market has kicked up to 4.7% yesterday and has reached to almost $87.

Meanwhile, geopolitical strategist and founder of Fordham Global Foresight Tina Fordham said that the price of petroleum products will remain high and inflation will accelerate again as the war lasts out.