Billion of foreign currency. But one of the biggest impacts globally has been on the Oil Pricejumping up by 5 on monday at one point it has since stabilized. Heres sameer hashmi. Joining me now is amrita sen, dounder and director of research at energy aspects. Give us your sense of what is happening right now. Prices are easing off a little but it is a wait and see mode, isnt it . Absolutely. What the market is afraid of is a wider escalation in the region. Obviously the market is focused on that and is worried about that. What the price reflect reflecting, around 88, is the unfounded fears from last week is that the initial us, israel, saudi diplomacy might lead to the cuts to happen earlier. The important events over the weekend definitely produce talks on hold, if not derailed them completely. That is why prices moved up completely. That is why prices moved up 4 yesterday. Completely. That is why prices moved up 496 yesterday up 496 yesterday. Israel and gaza are not bi oil up 496 yesterday. Israel and gaza are not Big Oil Producers up 496 yesterday. Israel and gaza are not Big Oil Producers but up 496 yesterday. Israel and gaza are not Big Oil Producers but they up 496 yesterday. Israel and gaza are not Big Oil Producers but they lie not Big Oil Producers but they lie in a region that is particularly important. Im also thinking here about iran and saudi arabia and the worry about spill over. That is what investors are worried about, isnt it . ,. , ,. , investors are worried about, isnt it . ,. , ,. , it . Yes, there are suggestions iran has been involved. It . Yes, there are suggestions iran has been involved. The it . Yes, there are suggestions iran has been involved. The white it . Yes, there are suggestions iran | has been involved. The white house has been involved. The white house has been involved. The white house has been briefing there is no briefer there is no proof of that. Iran has been producing about a Million Barrels a day, despite sanctions. That oil goes to china. There is probably going to be heightened scrutiny around those volumes. The us has turned a blind eye since the russian invasion of ukraine because i didnt want all prices to go up too much, so it is allowed to sanction barrels throw flow. Those sanctions might tighten up, yes. It flow. Those sanctions might tighten u , es. , flow. Those sanctions might tighten u. , es. ,. , flow. Those sanctions might tighten u, es. ,. , flow. Those sanctions might tighten u. , es. ,. , ~ flow. Those sanctions might tighten u, es. ,. , ~ , up, yes. It is at times like this that equity up, yes. It is at times like this that Equity Markets up, yes. It is at times like this that Equity Markets offer, up, yes. It is at times like this i that Equity Markets offer, things like gold him to spike. Investors are looking for safer places to put their cash right now. Their cash right now. Absolutely. You obviously their cash right now. Absolutely. You obviously safe their cash right now. Absolutely. You obviously safe haven their cash right now. Absolutely. | you obviously safe haven assets, like gold. Fundamentally, the market is very tight. Opec has taken volumes from the market to balance it. The Us Administration is running out of bullets. It from strategic over reserves last year. There is not much more i can do to allow prices to come lower, despite being an election due next year. Those will be the struggles going forward, which generally poach a bullish skew on prices, so i do expect prices to continue to rise, even if it is not in a straight line. fix, continue to rise, even if it is not in a straight line. In a straight line. A timely reminder in a straight line. A timely reminder of in a straight line. A timely reminder of how in a straight line. A timely reminder of how much in a straight line. A timely reminder of how much is i in a straight line. A timely reminder of how much is dependent in a straight line. A timely reminder of how much is dependent on the price of oil. Everything that we consume is sent by ship, air or road. It has a Knock On Effect for the price that we will pay pretty much everywhere, as you say, given the fragile state of the world economy, this is a knock that it could do without. Economy, this is a knock that it could do without. Absolutely. Look, the rice could do without. Absolutely. Look, the price of could do without. Absolutely. Look, the price of oil could do without. Absolutely. Look, the price of oil itself could do without. Absolutely. Look, the price of oil itself right could do without. Absolutely. Look, the price of oil itself right now could do without. Absolutely. Look, the price of oil itself right now is the price of oil itself right now is not very high because ultimately what you and i pay at the pump is the petrol price and i havent really gone up that much. Diesel is expensive. What is worrying right now is that Interest Rates are going up now is that Interest Rates are going up everywhere. We are no longer in a zero Interest Rate environment. That has negative impact on our Disposable Income. Then when we are having to pay directly or indirectly for higher prices, for example the fruit and vegetables we buy, that will reflect the higher costs for transportation, that is when you will start to have a negative impact. Having said that, i do think Disposable Income overall has been rising over the last few years, so right here right now i am not too worried about the price, but due to go worried about the price, but due to 9 up worried about the price, but due to go up another 20 or 30, the downward pressure on the economy could be substantial. Samsung Plasma Profits are expected to follow about 80 due to a year earlier. It will announce its Third Quarter preliminary earning results on wednesday. The Chip Division is traditionally samsung plasma biggest earner. If you want to reach me online, you can. Continued coverage here on bbc news. Bbc news, bringing you different stories from across the uk. This chutney is made by hand by all british produce, salt and recyclable jars and tasted by Customers Using wooden forks, not plastic spoons, which they decided to bring in four years before the this chutney is handmade. They decided to go forward in space before the ban came in. Government Research Shows that 2. 7 billion pieces of Plastic Cutlery like this was used in england alone last year and 720 million plastic plates got recycled. This takes hundreds of years to break down, thats why businesses can no longer buy, sell or offer certain single plastic items. ,. ,. ,. , items. The maority of Small Businesses items. The maority of Small Businesses to items. The majority of Small Businesses to support items. The majority of Small Businesses to support the i items. The majority of small. Businesses to support the route items. The majority of Small Businesses to support the route to net zero, but the challenges the additional legislation and additional legislation and additional cost without that awareness campaign. She believes businesses should awareness campaign. She believes businesses should not awareness campaign. She believes businesses should not be awareness campaign. She believesl businesses should not be punished, but encouraged to replace plastic. Now its time for your questions answered. Over the next 15 minutes well be answering questions that youve sent in about the israel hamas conflict. Its a real buzz macrame claims to have had a further 200 targets and overnight bombing. Israel has ordered a total blockade of gaza, cutting up food, water and supplies. The Human Rights Chief says the stage is illegal under international law, while the World Health Organization is causing for the establishment of a humanitarian corridor. Imjoined by establishment of a humanitarian corridor. Im joined by the bbc� s middle east analyst sebastien asher, and a former bbc colleague. We have and a former bbc colleague. We have a question, asking why is the United States supporting israel with all the killing done in gaza . It is an understandable the killing done in gaza . It is an understandable question, the killing done in gaza . It is an understandable question, one. The killing done in gaza . It is an i understandable question, one that many people ask around the world. In this particular instance, the us is not alone in this, because of what hamas has done, atrocities, at the moment it is being seen by most western governments, and by a lot of arab governments around the world, as a terrorist act. That will change inevitably as the siege on gaza grows. The wider context as the us gives huge Financial Support to israel, almost 4 billion. Most of that goes on Military Hardware from us companies. It vetoes resolutions at the Un Security Council which criticise israel. The us itself, as governments change, essentially has stayed pretty much in the same position. It sees itself as an evenhanded mediator in the conflict and are essentially adhering to the idea that a two State Solution is what is needed under president trump. From the palestinian perspective that just trump. From the palestinian perspective thatjust isnt the case, that it is an evenhanded, that it is essentially so closely allied with israel, notjust in terms of support, but in a political sense, the us as a democracy, and i think most american citizens say, israel is the only functioning democracy similar to the us in the middle east. The state as a cause for good for that region, of course there is a Largejewish Population in the us that has a big say in elections and very few politicians want to say anything because again so they have to say. The us has to some extent tried hard to get a solution to the conflict. There had been several incidents, back in 2003 was the closest it has come to the two State Solution. Talks have stalled but there is this sense, and it is an understandable Sense Notjust from the palestinians but more widely, but that its finger is far more heavily weighted towards the israeli side than the palestinian side. Most recently with the current bar rights, relatively far right Israeli Government under benjamin netanyahu, there has been some of the strongest criticism so far of an Israeli Government. At the moment the us would be 100 behind israel. John. Would be 10096 behind israel. John, let me ask you would be 10096 behind israel. John, let me ask you what would be 10096 behind israel. John, let me ask you what will would be 10096 behind israel. John, let me ask you what will it would be 10096 behind israel. John, let me ask you what will it take would be 100 behind israel. John, let me ask you what will it take for hamas to stop trying to annihilate all of israel . How can peace be achieved without Mutual Understanding and respect from both sides . I understanding and respect from both sides . , � ~ understanding and respect from both sides . , � ~. , sides . I dont think it can, and i think that sides . I dont think it can, and i think that is sides . I dont think it can, and i think that is why sides . I dont think it can, and i think that is why there sides . I dont think it can, and i think that is why there has sides . I dont think it can, and i j think that is why there has been this intractable conflict now for decades this intractable conflict now for decades and decades. I think gasser is important because until some sort of compromise can be reached with hamas of compromise can be reached with hamas in of compromise can be reached with hamas in gaza you are never going to have peace hamas in gaza you are never going to have peace in hamas in gaza you are never going to have peace in the middle east. At some have peace in the middle east. At some point over the last decades weather some point over the last decades weather continues to be this talk from weather continues to be this talk from western countries of the goal being from western countries of the goal being a from western countries of the goal being a two State Solution, but hamas being a two State Solution, but hamas because so many countries regard hamas because so many countries regard hamas as a Terrorist Organisation who are very or they are not organisation who are very or they are not prepared to talk to, it was always are not prepared to talk to, it was always fanciful to think there could be a always fanciful to think there could he a two always fanciful to think there could be a two State Solution until hamas are part be a two State Solution until hamas are part of be a two State Solution until hamas are part of that deal. They have not really are part of that deal. They have not really suggested that they were ready really suggested that they were ready to really suggested that they were ready to accept the existence of isreel ready to accept the existence of israei as ready to accept the existence of israei as a ready to accept the existence of israel as a state alongside a possible israel as a state alongside a possible future palestinian state. That is possible future palestinian state. That is nuanced at times over the years. That is nuanced at times over the years. But that is nuanced at times over the years, but essentially hamas says it wants years, but essentially hamas says it wants the years, but essentially hamas says it wants the land between the river jordan wants the land between the river jordan and the sea, so all of what was historically palestine. It is interesting was historically palestine. It is interesting what was historically palestine. It 3 Interesting Whatjohn was historically palestine. It 3 interesting what john said there. Was historically palestine. It 3 Interesting Whatjohn said there. I have had a lot of e mails about this. The Terrorist Organisation hamas, why is it that News Organisations like the bbc, itv, sky, do not use the term terrorist when describing how hamas militants . I when describing how hamas militants . Militants . I think one of the reasons is militants . I think one of the reasons is when militants . I think one of the reasons is when you militants . I think one of the reasons is when you are militants . I think one of the reasons is when you are broadcasting to our world audience you want your perceptions, the way youre dealing with the story, not to look as if you are taking any particular side and calling a Group A Terrorist group will always look that way and people will always be demanding for this cause or that because that it is called terrorist or not called terrorist. I think the bbc feels that the best way you can maintain a sense of some form of objectivity, of looking impartial, is to do that. It becomes difficult when there are atrocities carried out. The way that is often found around that by organisations like the bbc is to speak of acts of terror or to have the voices of people who are denouncing it as terrorism, but not itself using that term, but yes it comes under criticism and ensure you and i, john as well, we have these discussions both professionally and personally a great deal of the time and from the palestinian perspective, again, many palestinians, they would fail i think if we described hamas as a terrorist group, they would feel that was a total read after them. They would say i think it is being flagged the us, that we are not being evenhanded if we took that stance. , , being evenhanded if we took that stance. , ,. , stance. Sebastien, this is from france, marigold stance. Sebastien, this is from france, marigold says stance. Sebastien, this is from france, marigold says the stance. Sebastien, this is from france, marigold says the us l stance. Sebastien, this is from i france, marigold says the us and europe to ukraine, why are they not defending palestine . Defending palestine . There is more nuanced to that defending palestine . There is more nuanced to that question. Defending palestine . There is more nuanced to that question. Without i nuanced to that question. Without getting deeply into ukraine, ukraine was a situation that suddenly erupted. John was talking about there is a situation between israel and palestine that has been going on for decades. It has shifted on its balance