Oil prices rose sharply on Monday morning, following Hamas’ surprise attack on Israel last weekend. Fears of a further escalation of the conflict fueled concerns about the supply of crude oil from the Middle East. Gold, which is seen as a safe haven in uncertain times, also became more expensive. The US dollar and the Japanese yen, which are also seen as safe investments, also rose in value.
The price of a barrel of American WTI oil (of 159 liters) rose by 4 percent to $86.07. Brent, the benchmark for oil from Europe, the Middle East and Africa, currently costs 3.7 percent more at $87.72 per barrel. Last week, oil prices fell sharply due to weakening demand for gasoline in the United States and concerns about a recession due to high interest rates. The strong dollar also put pressure on prices, because it makes oil more expensive for traders with other currencies. That undermines the question. Gold became more than one percent more expensive at $1,865 per troy ounce (31.1 grams).
The Hamas attack and Israel’s declaration of war in response have already left more than a thousand dead. The US has also indicated that it will send warships to the region. The American business newspaper The Wall Street Journal also reported that Iranian security officials allegedly helped Hamas plan the attack on Israel.
Iran is a major oil producer and a supporter of Hamas. Any retaliation against Tehran could jeopardize the passage of ships through the Strait of Hormuz. Iran has often threatened to close that important supply channel. However, the country denied on Monday that it was involved in Hamas’s attack on Israel, The Jerusalem Post newspaper reported. The Iranian delegation to the UN issued a statement to this effect. The statement did state that Iran would support the Palestinians without reservations.
The consequences of the Israeli attacks also reverberated on the stock markets in the Middle East on Sunday, where significant price losses were suffered. The Asian stock markets showed a mixed picture on Monday. In Shanghai, where investors returned after the national holiday week, the main index fell 0.7 percent. (AP)
2023-10-20 06:50:51
#Deaths #injuries #caused #explosions #church #Gaza
