(Bloomberg) — Oil surged more than 5% and investors sought safety in gold, bonds and the dollar after Hamas’s surprise attack on Israel sparked fears of a wider conflict.
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Geopolitical uncertainty sent the greenback up against the euro and pound, while the yen — another popular haven – also strengthened. West Texas Intermediate climbed past $87 a barrel while Brent touched $89 as traders braced for a potential escalation that may trigger a supply shock. The US said it was dispatching warships and the Wall Street Journal reported that Iranian security officials helped plan the strike.
“The events over the weekend obviously destabilizes the region,” said Kyle Rodda, senior market analyst at Capital.com. “Ultimately, these events tend to have only a short-term impact on financial markets, and it’s probable that this time will be the same. Investors could be jumpy for a couple of days until the risks of escalation have clearly diminished.”
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2023-10-09 02:21:26
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