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Hamas’ Attack on Israel Affected Oil Prices! Futures contracts in US markets were down on Monday morning, as were stock indexes in Asia.
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Despite tensions in the Middle East, Bitcoin and Ethereum resisted even as stock markets fell and oil prices increased. Over the past 24 hours, Bitcoin and Ethereum saw a slight decrease of 0.2%. XRP fell 1.3% while Cardano’s ADA rose 0.4%. CoinDesk Market Index (CMI) saw a 0.19% decrease, pointing to various tokens suffering losses.
The Israel-Hamas conflict entered its third day on Monday, following Hamas’s early missile attack on Israel on Saturday. Investors think this conflict could cause a supply disruption. The fear of the conflict spreading to neighboring countries like Iran seems to be influencing oil prices.
The chief investment officer of energy investment firm Bison Interests, Josh Young, told CNBC: “There could potentially be dramatic effects in the oil market if the US applies export sanctions to Iran,” He added, “It’s possible that we could see an increase of about $5 in oil for WTI.”
WTI Crude Oil increased 3.23% since Sunday, bringing its quarterly gains to 16%. There was also approximately a 3.5% increase in Brent Crude Oil.
Asia’s stock markets saw a decrease after Monday’s opening. In India, Sensex fell 0.69%, Shanghai Composite 0.44%, and Singapore Strait Times Index dropped 0.2%. The pre-market futures contracts in the US pointed to losses. Dow Jones Index lost 0.77% and the tech-heavy Nasdaq 100 Index experienced a 0.86% loss.
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