By hamas gunmen took place just before 6 30 local time. More than 300 young people attending the festival were killed, others were taken hostage. It has been called israels 9 11 by some, and like the attack on the world trade center, its had massive repercussions around the world in both politics and economics. Michelle fleury has more on the Global Impact one year on. The middle East Conflict could add to the risks already facing the global economy. The escalation comes at a time of uncertainty around the upcoming us election and as china tries to stabilise its struggling economy. Economists warn the war could push up inflation if Trade Routes are disrupted, causing the cost of Oil And Shipping to rise. A bigger concern is whether any escalation could rock the straits of hormuz, a major shipping channel. 0ne straits of hormuz, a major shipping channel. One third of Oil Tanker Traffic and a fifth of Lng And Gas passes through there. The Oil Markets are already reacting. The price of Brent Crudejumped 5 already reacting. The price of Brent Crude jumped 5 last thursday after President Biden said the us was discussing with israel striking iran � s oil industry. Iran is the seventh largest Oil Producer in the world. For now, Commodity Prices remain below where they were last year but officials around the world are paying close attention. The biggest economic impact is being felt within the region itself. In israel, the war has resulted in a drop in Investment Undergrowth while in gaza, the constant bombing since Hamas Attacked israel on october seven has had a devastating impact on its economy. Gdp has fallen nearly 90 in the first half of this year, according to the international monetary fund. The imf has warned the war could have significant ramifications for the global economy and it plans to update its forecast for all countries later this month when the global Lender And World bank hold their annual meetings in washington. As we heard from michelle, the price of oil surged on thursday when President Biden was asked if he would support an attack by israel on Irans Oil industry, and he gave an answer which rattled Oil Markets. Do you support israel striking Irans Oilfacilities, sir . Were discussing that. I think that would be a little. Anyway. That was thursday. Well, by friday evening, the president was trying to calm those concerns. In a White House press briefing, he said he was discouraging israel from targeting Irans Oil facilities. Look, the israelis have not concluded how or what they are going to do in terms of a strike. That is under discussion. I think if i were in their shoes i would be thinking about other alternatives than striking oilfields. ,. Alternatives than striking oilfields. Alternatives than striking oilfields. ,. ,. ,. , oilfields. Lets have a look at where we oilfields. Lets have a look at where we are oilfields. Lets have a look at where we are right oilfields. Lets have a look at where we are right now. Oilfields. Lets have a Look Atj where we are right now. The oilfields. Lets have a look at. Where we are right now. The Oil Price has stabilised somewhat. I will show you the numbers right now. Remember, it has been consistently falling, not least at the moment because of a slowdown in china. There was nervousness in recent days over any disruption to supply but crucially, being able to get that supply out around the world to where it is needed so lets get the latest with our correspondent in singapore. The cost down about one third of a Percentage Point so far. Markets really do remain on edge about what way this conflict could escalate and the impact it could have on supply. Was all that Big Jump have on supply. Was all that Big Jump last have on supply. Was all that Big Jump last week have on supply. Was all that Big Jump last week over have on supply. Was all thatl Big Jump last week over fears of a regionwide war in The Middle East and as he said this morning, they have bared some gains because of what is known as Profit Taking but many analysts believe the Oil Market will continue to face upside pressure because of fears of Israels Retaliation Response to 0rion � s and geopolitical tensions playing a role in shaping the market trend. In terms of the impact on Oil Supply, terms of the impact on Oil Supply, analysts say it will be relatively small because if you remember until very recently, Oil Prices were actually falling because there is too much Supply And Demand has been falling. Also, many still dont think that a direct attack on iran � s oilfacilities think that a direct attack on iran � s Oil Facilities is a likely scenario because of course, it would upset israels international partners and even if that were to happen, opec, the producer group, has enough spare Oil Capacity to compensate for full loss of iranian supply. The impact on Oil Supply would only emerge if iran, for example, retaliates by hitting its golf neighbours. Experts dont think that scenario is likely at this point. Oil prices are still well below where they were, for example, just after russia invaded ukraine when we saw that Brent CrudeOil Prices rise above 110. That Brent CrudeOil Prices rise above 110. Good to talk to ou and rise above 110. Good to talk to you and keep rise above 110. Good to talk to you and keep across rise above 110. Good to talk to you and keep across that rise above 110. Good to talk to you and keep across that for l you and keep across that for us. We will be back with you later. The images you are looking out on the screen, just to remind you if you are joining us on bbc news, this is the first of a number of memorials and commemorations and ceremonies that will take place throughout the day. This first one marking one year on from the events of october seven of last year, when gunmen stormed into israel. Those assaults killing around 1200 people, 251 people were taken hostage. It all began to unfold at the nova music festival. This is where the first commemoration of the day is taking place. 6 30am in the morning local time is when the party goers who were enjoying a Holiday Weekend realised something wasnt right when rocket started to be fired overhead and a little later, gunmen arrived at the site, indiscriminately killing people who were attending the music festival. Of course, since then, 42,000 people have been killed in gaza in the conflict that has unfolded. Right now, a further escalation of the conflict on israels northern border with lebanon. Lets talk about some of the global implications. Dr Carole Nakhle is Chief Executive of the global Energy Consultancy Crystol energy, based here in london. Good to have you with us. Our corresponded was just talking about some of the global implications of what is played out and that conflict once again in the region does threaten stability when it comes to things like Oil Prices and i know it is hard to make those parallels and connections but it is a really significant escalation and yet so far, Oil Prices remain pretty calm. Explain why we havent seen the spike we might expect. We explain why we havent seen the spike we might expect. Spike we might expect. We did see a Spike Spike we might expect. We did see a spike of spike we might expect. We did see a spike of almost spike we might expect. We did see a spike of almost 1096 see a spike of almost 10 rising in a week of Oil Prices so we did see that spike but it is limited. Because The Middle East remains the largest oil exporting region in the world so of course, anything that happens there on the political front and geopolitical front will generate fear across the market and that is exactly what were seeing today. This jump in prices is a reflection of what we call it the geopolitical risk premium. It is not translated into Supply Disruptions yet and that is why we did not see the massive increase of 110, 120. There has not been any Supply Disruptions but we are concerned about further escalation that could lead to Supply Disruptions and this is where we might see prices getting higher. The reason why the prices are where they are today is there is also a positive side to this unfortunate development in the region is that the market is now tied. There is plenty of supply coming from outside opec, plus a by the united states and the market from china is not going strongly because of the chinese economic problems. On the balance, the Oil Market is worried but not spooked. Oil market is worried but not sooked. , Oil Market is worried but not smoked Oil Market is worried but not sooked. ,. , spooked. That is the important oint spooked. That is the important point here spooked. That is the important point here. Previously spooked. That is the important point here. Previously in point here. Previously in previous conflicts, our reliance on that oil coming from middle east would have been greater but with a slowdown from china, as you highlight, and an increase in production from places like the united states, our vulnerability to supply from The Middle East is somewhat limited. Isnt it . Limited. Isnt it . Definitely, thins limited. Isnt it . Definitely, things have limited. Isnt it . Definitely, things have changed things have changed dramatically since the 1970s and that would be the Silver Lining in all of the drama seeing today. That the importance of oil to the global economy has diminished in the last 50, 60 years because of higher prices because of development of alternatives and supplies coming from outside the region. It does not mean that the region is not any more important but we do have alternatives coming from elsewhere pretty quickly from north america. North america. Thank you for bein north america. Thank you for being with north america. Thank you for being with us. North america. Thank you for being with us. Of north america. Thank you for being with us. Of course, north america. Thank you for being with us. Of course, if. Being with us. Of course, if americans particularly see Oil Prices at the Pump Rise sharply it could cause problems for Vice President harris just weeks before the us president ial election. But the conflict in The Middle East has bigger implications for the race of the White House. Many younger voters want to see a ceasefire, something Kamala Harris has called for in the past. As do many muslim and arab american voters, a significant demographic in the key Swing State of michigan, where she was campaigning last friday. But the Vice President was clear in her support for israel when she gave a statement after the iranian Missile Attacks on the country last week. I have always stood by Irans Ability to defend itself. My commitment is unwavering and let us be clear, iran is not only a threat to israel but also a threat to american personnel in the region, american interests and innocent civilians across the region who suffer at the hands of iran based and backed terrorist proxies. Based and backed terrorist roxies. ~ ,. , proxies. We will never hesitate to take whatever proxies. We will never hesitate to take whatever action proxies. We will never hesitate to take whatever action is to take whatever action is necessary to defend us forces and interest against iran and iran backed terrorists and will continue to work with our allies and partners to disrupt his round Irans Behaviour and hold them accountable. Meanwhile, at a rally in North Carolina on saturday, her rival Donald Trump mocked President Biden� s response and appeared to encourage an israeli attack on irans nuclear facilities. They asked him what do you think about iran . Would you hit iran . And he said as long as they dont hit the nuclear stuff. Thats the thing you want to hit, right . I said i think hes got that wrong isnt that what you are supposed to hit . Its the biggest risk we have. Nuclear weapons. The power of nuclear weapons. The power of nuclear weapons. The power of nuclear weapons. The power of weaponry. You know, i rebuild the entire military. Jets, everything, including nuclear, and i hated to build the nuclear but i got to build the nuclear but i got to know first hand the power of that stuff and i will tell you what, we have to be totally prepared. We have to be absolutely prepared. When they asked him that question, the answer should have been hit the nuclear first and worry about the rest later and thats what they should if they going to do it. Terry haines is founder of pangaea policy, a washington based consultancy that advises investors on us politics. Where are we right now because there are so many things going on here. Were looking at those memorials as commemorations, one year on the attacks in israel and what has unfolded over the past year of course has been astonishing, remarkable and dreadful. But there is another element of Course Isnt there . This plays into the us president ial election and could make a significant difference so talk to me about how you impact the assessment it could make . Assessment it could make . Assess the impact it could make . Its a situation where the highest geopolitical risk in over 50 years from the united Statess Perspective exists so the foreign situation is very much front of mind. We have at least two hot was going and one merely so in the south China Sea so wars. It was a lot of Mind Share being put on this and so Foreign Policy is a major component of this election. At root, there is the two poles of this are that concerns that the biden Administration Help get us into the geopolitical situation but now on the other hand what folks see, at least some of those conflicts and especially The Middle East, is biden and harris resolutely supporting israel, as you said before. So there is a israel, as you said before. Sr there is a mixed impact here and because the united states is so much a nation of immigrants and people from heritage of all over the world, there is a lot of different conflicting loyalties going on as well that Pull And Tug at voters. ,. ,. , as well that Pull And Tug at voters. ,. , , as well that Pull And Tug at voters. , ,. , voters. Do you get a sense, and we had clips voters. Do you get a sense, and we had clips from voters. Do you get a sense, and we had clips from both voters. Do you get a sense, and we had clips from both vice we had clips from both Vice President harris and Donald Trump, both of them of Course Vying for the White House come november, you get a sense of what their White Houses would look like Vis A vis their Foreign Policy . You talk about the number of wars and conflicts unfolding. Do we get any sense they have real plans for how they would tackle it if they are successful . Tum they are successful . Two Things Firstl , they are successful . Two Things Firstly. It they are successful . Two