Equity markets held the line but world oil prices spiked Monday after Hamas launched a shock deadly attack on Israel, which has declared war on Gaza, sparking fear of an escalating conflict in the crude-rich Middle East.The worsening crisis sent shockwaves through global equity markets, although energy companies were boosted by higher oil prices which lift their profits and revenues.
Wall Street and main European equity markets held their nerve, even so, with the Dow dipping a toe into the red minutes into the session while the tech-heavy Nasdaq shed around half of one percent. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.The surprise attack and Israel’s declaration of war in response to it have left more than 1,200 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.
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