Israel’s vote prolongs Middle East instability
USO•Initial results forecast 54 seats for Benjamin Netanyahu’s bloc and 47 for the opposition, leaving both short of a majority in the 120-seat Knesset. Brent crude traded at $115 a barrel, up 1%.
1. Election leaves deadlock
Initial results from Israel’s October 27 election forecast 54 seats for Netanyahu’s bloc, 47 for the opposition led by Gadi Eisenkot and 19 for parties representing Israelis of Arab descent. With 70.7% of votes tallied, neither main bloc was forecast to reach a majority in the 120-seat Knesset.
2. Netanyahu remains caretaker
Netanyahu called for a “strong, right-wing national government” and raised the prospect of renewed joint military action against Iran with U.S. President Donald Trump. Eisenkot urged Netanyahu to retire from politics and warned he might use security for political ends. Netanyahu could remain caretaker during coalition negotiations or until a new election in 2027.
3. Oil prices rise
Brent crude traded at $115 a barrel as of 1100 GMT on October 28, up 1%. The column said the possibility of Netanyahu remaining in office suggested ongoing escalation risks and oil prices tangibly above $100 a barrel.
