Investors are closely monitoring the situation in the Middle East as the conflict between Israel and Hamas intensifies. The possibility of a wider conflict has raised concerns among investors, leading to increased volatility in the markets. Brent futures settled up 2.9% at $90.48 a barrel, while spot gold surpassed $2,000 for the first time since mid-May. Analysts warn that if other countries in the region become more involved, oil prices could rise sharply.
Prelude to the Best Sommelier of Canada Contest | SaltWireNEW YORK - Investors are watching over the weekend for signs of whether the conflict in the Middle East will escalate, which could ratchet up volatility in markets that already expected a busy week ahead with a Federal Reserve policy statement and Apple results.
"The situation in Israel is … causing a lot of anxiety,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab. "That said, any sign that the other countries in the region are becoming more involved in the conflict would cause oil prices to rise sharply," they wrote. The S&P 500 has fallen more than 10% since late July, when it reached its high for 2023, though the index is up over 7% year-to-date.
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