Oil, gold jump on Middle East conflict

Oil prices surged by over 4%, gold saw gains, and the safe-haven U.S. dollar saw a slight rise against the euro on Monday due to military clashes between Israel and the Palestinian Islamist group Hamas.

These conflicts raised concerns that the hostilities could expand beyond Gaza.

In contrast, U.S. stocks closed higher, propelled by the increase in energy shares paralleling the rise in oil prices. The S&P 500 energy index (.SPNY) concluded the day with a 3.5% gain.

Meanwhile, the Israeli shekel experienced a significant depreciation, with the dollar strengthening by approximately 3% to 3.955 shekels, Reuters reported.

READ MORE: https://www.reuters.com/markets/global-markets-wrapup-2-pix-2023-10-09/

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