Israel-Hamas Conflict Not Expected To Impact Prices In Oklahoma Yet, Professor Says

Saturday marks a week since terrorist group Hamas launched an unprecedented and deadly attack on Israel during a major Jewish holiday.

The days since have seen repeated airstrikes on the Gaza Strip, displacing more than one million Gazan civilians.

Despite the escalations, a University of Central Oklahoma professor of economics said this conflict is different than other recent global conflicts, such as the Russian invasion of Ukraine.

"There's a big connection between [an] economics situation with a lot of diplomatic relationships with any other country," said Kuang-Chung Hsu.

Because the Israeli-Hamas war has not included direct involvement from neighboring countries, Hsu said the impact on global markets and the economy will remain relatively minimal for the time being, especially for people in Oklahoma. That wasn't the case when Russia invaded Ukraine, which saw sharp increases in oil and other inputs, including for farmers like Landon Manwell.

"I think it's going to be mostly out of speculation and profit-taking," Manwell said about the likelihood of economic changes in the coming weeks. "I don't think it's going to be anything that's going to hold for long."

An Oklahoma State University professor also shared in an email with News 9 that there has been zero impact on crop markets in the recent week from the conflict.

On Oct. 7, 2023, the Islamic Resistance Movement, the terror group also known as Hamas, launched a surprise attack on Israel by means of land, air and sea. Hundreds of civilians have been killed as the Israel Defense Forces, or the IDF, attempt to dislodge Hamas combatants.

What is Hamas?

Hamas was founded in 1987, although its origins extend far beyond that. The group is distinct from the Palestine Liberation Organization, another wing of the legislative body that governs Palestine. In 2006, Hamas won the Palestinian legislative election and has remained in power since.

Canada, the European Union, Israel, Japan, Australia, the United Kingdom and the United States all consider Hamas to be a terrorist organization, while some countries, such as New Zealand and Paraguay, view only the group's military wing as such.

Hamas is known to be highly antisemitic, both towards individual Jews and the greater state of Israel.

Where is Gaza?

Gaza, also known as the Gaza Strip, is a Palestinian enclave, meaning it is separated from the rest of the country, on the eastern coast of the Mediterranean Sea.

Sunni Muslims make up the majority of the population of Gaza, although there is a small Christian minority.

Despite being a part of Palestine, Israel has control over much of the Gaza Strip, controlling the areas airspace, seaports and six of the strip's seven land access routes. This control has often deemed Gaza as an "open-air prison."

Has Conflict Erupted In Gaza Before?

In June, 1967, Israeli forces captured the Gaza Strip from Egyptian Forces towards the end of the Six-Day War. The war saw the invasion from, and later expulsion of, the combined forces of Egypt, Syria, Jordan, Iraq, Saudi Arabia and Kuwait from Israeli territory.

On Dec. 27, 2008, following the breakdown of a temporary truce between Israel and Palestine, Israeli fighter jets bombed several locations in Gaza, marking the beginning of the Gaza War. The targets bombed ranged from police stations, schools, hospitals, UN warehouses, and mosques to various other structures. Israel claimed those buildings were being used to house weapons.

Israel said the bombings were a response to Hamas rocket attacks on southern Israel, and on Jan. 3, 2009, a ground invasion of the territory by the IDF began.

Between 1,100 and 1,400 Palestinians, and 13 Israelis were killed before the Gaza War came to an end on Jan. 18, 2009.