Energy markets were rattled by reports Iran helped Hamas plot its attack, as well as potential implications for other oil-producing regions in the Middle East.
By Aaron Gregg and Annabelle Timsit, The Washington PostIsraeli army vehicles move near the Israeli Gaza border, southern Israel, Monday, Oct. 9, 2023.
The CBOE volatility index, known as Wall Street’s “fear gauge,” also reflected these fresh geopolitical jitters, spiking 7.5% Monday morning before moderating throughout the day. But U.S. stocks brushed off the news and moved higher, with the Dow Jones Industrial Average and S&P 500 both gaining around 0.6%, and the tech-heavy Nasdaq index climbing 0.4%.
The crude market is “hypersensitive to any indication that the conflict between Israel and Hamas is poised to expand into the oil producing region in the Middle East,” said LPL Financial chief global strategist Quincy Crosby.To Raymond James analyst Pavel Molchanov, the spiking oil price appears entirely speculative. Before the conflict, crude prices had experienced a momentary downward trend owing to a meeting of international energy producers, he noted.
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