Global markets brace for fallout as Middle East tensions rise

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Sweet and Spicy: what's the buzz on honey infusions? | SaltWireWASHINGTON -The Israeli-Hamas war has sharpened focus on rising geopolitical risks for financial markets, as investors wait to see if the conflict draws in other countries with the potential to drive up oil prices further and deal a fresh blow to the world economy.

"It looks like we’re headed for a massive ground invasion of Gaza and a large-scale loss of life," said Ben Cahill, senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies ."Anytime you have a conflict of this scale, you will have a market reaction."

The S&P 500 fell 0.5% on Friday. Safe-haven assets saw buying with gold up more than 3% on Friday and the U.S. dollar touching a one-week high. The war between the Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year.

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