{"id":1067,"date":"2023-10-09T20:16:12","date_gmt":"2023-10-09T14:46:12","guid":{"rendered":"https:\/\/asia.businessupturn.com\/?p=1067"},"modified":"2023-10-09T20:16:12","modified_gmt":"2023-10-09T14:46:12","slug":"israel-hamas-conflict-drives-global-market-anxiety","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/asia\/middle-east-asia\/israel\/israel-hamas-conflict-drives-global-market-anxiety\/1067\/","title":{"rendered":"Israel-Hamas Conflict Drives Global Market Anxiety"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Due to the unexpected attack on Israel carried out by the militant group Hamas, oil prices have increased while airline stocks declined. On Monday morning, it appeared that investors were factoring in the likelihood of additional instability in the Middle East.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Israeli Prime Minister Benjamin Netanyahu stated that Israel was entering into a \u201clong and challenging conflict\u201d against Hamas. The death toll, which has surpassed 1,100 since the conflict began on Saturday, is anticipated to continue rising. The deadliest attack on Israel in decades drove anxiety across global markets, stock futures fell and haven assets rose.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Fears that the Israel-Hamas conflict would impact other Middle Eastern countries have led to a rise in the price of oil and shares in weapons manufacturers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier this morning, the price of a barrel of Brent crude, (the benchmark for oil prices) rose by 3.8% \u2013 costing around $88 a barrel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Higher oil prices entail higher costs for gasoline and diesel, as well as higher prices for general economic output, which is dependent on oil. Energy price hikes will drive inflation. Market players are concerned that Iran, an oil exporter, may be taken into the conflict.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Impact on Europe<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">European energy stocks have risen after Palestinian militants from the armed group Hamas set up a surprise coordinated attack on Israel, causing oil prices to skyrocket. The pattern has been found throughout Europe. Saab, a manufacturer of jet fighters and automobiles, had its share price rise by 9%, while Rheinmetall, a German armaments manufacturer, rose by 5.5%.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Flights to Tel Aviv have been halted by several major US and European carriers, including Delta, United Airlines Holdings, and American Airlines, as well as Air France, Lufthansa, and Wizz Air.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">After the shekel plummeted to a near-eight-year low versus the US dollar in early trade, Israel\u2019s central bank intervened to strengthen the currency. The Bank of Israel said that it will sell up to $30 billion in foreign currency on the open market to preserve stability, allowing the shekel to marginally rebound. The currency was already under strain due to a lack of overseas investment after Benjamin Netanyahu\u2019s contentious plan to give Israel\u2019s parliament the authority to override its top court.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The situation remains fluid and complex, with the potential for further escalation and international involvement. As events continue to unfold, global markets and policymakers are closely monitoring developments in the region, seeking ways to navigate the challenges posed by the ongoing conflict.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fears that the Israel-Hamas conflict would impact other Middle Eastern countries have lead to a rise in price of oil and shares in weapons manufactures.<br \/>\nEarlier this morning, the price of a barrel of Brent crude (the benchmark for oil prices,) rose by 3.8% \u2013 costing around $88 a barrel.<\/p>\n","protected":false},"author":367,"featured_media":1068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[359,358,327,356,352,355,322,316,360,354,353,183,131,357,361],"class_list":["post-1067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-israel","tag-air-france","tag-american-airlines","tag-benjamin-netanyahu","tag-delta","tag-europe","tag-german","tag-hamas","tag-israel","tag-lufthansa","tag-oil","tag-oil-prices","tag-palestine","tag-prime-minister-benjamin-netanyahu","tag-united-airlines-holdings","tag-wizz-air"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/1067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/users\/367"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/comments?post=1067"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/1067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media\/1068"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media?parent=1067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/categories?post=1067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/tags?post=1067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}