Oil prices surged and US stock futures fell on Sunday night in their first reaction to Israel’s war with Hamas.
Although Israel is not a major oil producer, escalating tensions in the oil-rich Middle East spooked investors who have already been selling off oil in recent weeks. Inflation, fear of a global economic downturn and a correction to prices that were surging in recent months have sent US oil prices down from around $95 a few weeks ago to just above $80 last week. But on Sunday night, US oil prices surged 4% higher above $86 a barrel.
Israel formally declared war on Hamas on Sunday after the Islamist militant group launched its deadly surprise assault on Saturday. More than 700 people have been killed in Israel, while more than 400 Palestinians have been killed, according to authorities. In the equity markets, US stock futures, which surged Friday on a surprisingly strong American job market report, fell sharply Sunday night. Dow futures were down 200 points, or 0.6%. S&P 500 futures were down 0.7%.
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