Oil Markets Underestimating The Risk Of A Middle East Blowout

Last week, the Israeli government ordered its state-run electricity company to halt power supply to the Gaza Strip days after Palestinian militant group Hamas launched a surprise attack on the country. The Israeli prime minister's office revealed that the security cabinet has approved several steps to destroy the military and governmental capabilities of Hamas and Islamic Jihad "for many years”, in a war that has seen more than 3,000 Palestinians and about half as many Israelis killed. But now there’s a growing risk this could…