Tuesday, December 17, 2024

Oil Prices Rise as Islamists Rebels Take Over Syria | OilPrice.com

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An alliance of Islamist rebels has taken over Syria, with President Bashar Assad fleeing the country for Russia. Per media reports, world leaders are currently watching the alliance, including an Al-Qaeda affiliate that has been designated as a terrorist group.

According to a Reuters report on the regime change in Syria, the event constitutes a major change in the course of Middle Eastern politics as it deprives Russia and Iran of a key ally in the region. Some observers have seen the takeover as a big win for Israel and Turkey.

The resurgence of Syrian rebel groups began in mid-November as Israel accelerated its attacks on Iran-affiliated groups in the country. The rebel forces appeared to have felt emboldened, not only because of Israel’s attacks on Iranian proxies in Syria, but also because Israel had severely weakened Hezbollah in Lebanon, and Hezbollah was a key force for maintaining Assad’s grip on power.

The situation remains quite uncertain despite hopeful reports from mainstream media suggesting the takeover would bring positive change to Syria and the Middle East. For starters, Israel is already moving in to take over the buffer zone separating the Israeli-occupied Golan Heights and the rest of Syria. The terrorist group designation of Hayat al-Tahrir al-Sham could also be a problem as this situation develops.

“This is a historic day in the history of the Middle East,” Israel’s Prime Minister Benjamin Netanyahu said on Sunday. “Together with the Defense Minister, and with full backing from the Cabinet, I directed the IDF yesterday to take control of the buffer zone and the dominant positions near it,” he said, adding “We will not allow any hostile force to establish itself on our border.”

Oil prices rose in response to the latest developments in Syria as the security of Middle Eastern supply returned to the spotlight.

By Charles Kennedy for Oilprice.com

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