How will the Israel-Hamas war affect oil prices and the global economy?

Economists are examining how the conflict could escalate as they plan for the next big global shock

Warning bells went off in financial markets the instant the extent of the deadly Hamas attack on Israel became apparent - and it is easy to see why.

One of the rules of thumb of geopolitics is that recessions are sparked by a sharp jump in oil prices, and the cost of crude is sensitive to events in the Middle East.