Akademik Veri Yönetim Sistemi
10th International European Conference on Interdisciplinary Scientific Research, Zürich, İsviçre, 27 - 29 Ağustos 2024, ss.1139-1158, (Tam Metin Bildiri)
In this article, the impact of the Israel- Palestine conflict, which started in October 2023, on
Brent oil prices will be analyzed with the theory of interdependence by Robert Keohane and
Joseph Nye. By analyzing the interdependence between economic outcomes of individual states
during the political conflict in the region, which can be affected globally in the short term, this
article aims to determine an understanding of several consequences of political conflict on the
Brent price trend as a global efficient oil supply. In this article, daily Brent oil prices from the
Platts database between March 7, 2023, and May 7, 2024, will be analyzed to investigate the
effect of the Israel- Palestine conflict, which began on October 7, 2023, on Brent oil prices.
Data processing is conducted using RStudio. Firstly, we check the stability of the time series by
employing Augmented Dickey-Fuller (ADF). After the data was manipulated, a t-test was
performed to assess whether the mean oil prices changed after this geopolitical event and if
these changes were significant. The result shows no substantial change in Brent price before
and after the conflict. The stability in the Brent price shows economic interdependence among
oil producers/ supplier states and states with high levels of oil demand. This circumstance
influences their strategic decisions to maintain a stable oil supply. In the sense of globalization,
the current global order prioritized economic interests over political consideration.