Global markets brace for fallout as Middle East tensions rise
© Reuters. Israeli tanks are seen in the aftermath of a mass infiltration by Hamas gunmen from the Gaza Strip, in Kibbutz Beeri in southern Israel, October 14, 2023. REUTERS/Violeta Santos Moura
Oil prices leapt nearly 6% on Friday, as investors priced in the possibility of a wider Middle East conflict. The first indicator of reaction to weekend developments will likely come when oil starts trading in Asia later on Sunday. "I have no clue whether markets will remain relatively well behaved," said Erik Nielsen, group chief economics advisor at UniCredit."It almost certainly depends on whether this latest conflict remains localized or whether it escalates into a broader Middle Eastern war."fell 0.5% on Friday. Safe-haven assets saw buying with gold up more than 3% on Friday and the U.S. dollar touching a one-week high.
The war between the Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year.
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