Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.
The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes. However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.
A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.
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