2023-10-09 12:15:06
Oil prices rose around US$3 per barrel as conflicts in the Middle East raised the specter of supply disruptions.
“Disruptions or escalations in the region can have significant implications for energy markets, global supply chains and geopolitical dynamics,” said analyst Stephen Innes of SPI Asset Management.
The fighting has not yet had a discernible impact on oil production, but geopolitical escalations in the Middle East generally lead to a “buy first, ask questions later” response, he said.
Oil prices had retreated in recent days from highs in the mid-$90 range in September.
As of Monday morning, U.S. benchmark crude oil was up $3.12, at $85.91 a barrel on the New York Mercantile Exchange. He had gained 48 cents on Friday.
The death toll from the fighting in the Middle East, over two days, exceeded 1,100 dead and thousands injured on both sides.
Palestinian militant groups claimed to be holding more than 130 prisoners on the Israeli side.
Markets falling
Around the world, stock markets fell on Monday in response to the start of the war last weekend.
The US bond market will be closed on Monday for Columbus Day, but the New York Stock Exchange and Nasdaq will be open. The Toronto Stock Exchange will also remain closed Monday due to Thanksgiving.
In Germany, Frankfurt lost 0.7% and Paris slipped 0.4%, while London gained 0.3%.
In New York, before markets opened, the broader S&P 500 index was down 0.5%.
In Asia, Shanghai reopened after a week-long holiday, falling 0.4%. Hong Kong’s Hang Seng gained 0.2%.
Australia’s S&P/ASX 200 gained 0.2%, while India’s Sensex fell 0.7% and in Bangkok the SET lost 0.6%.
Tokyo and several other Asian markets were closed to observe a public holiday Monday.
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