HomeFinancial MarketsOil and Treasury Yields Surge as Israel-Hamas Conflict Intensifies

Oil and Treasury Yields Surge as Israel-Hamas Conflict Intensifies

Oil and treasury yields are surging as signs indicate that the fighting between Israel and Hamas is set to intensify. Brent crude rose by 3%; its largest weekly gain since April, while the 10-year Treasury yield dropped eight basis points to 4.61%. West Texas Intermediate crude jumped 4.1% to $86.30 per barrel.

As Israel prepares to ramp up its retaliation against terror organization Hamas for Saturday’s deadly attack, analysts from Bloomberg Economics believe that oil could surge to $150 per barrel while cutting $1 trillion off world economic output.

Speaking on Treasury yields, Christophe Barraud, chief economist and strategist at Market Securities LLP, offered the following observation: “Bonds are rallying ahead of the weekend as traders likely want to hedge geopolitical risk.” Futures on the New York Stock Exchange declined, with those on the S&P 500 slipping by 0.3% and futures on the Nasdaq 100 falling by 0.6%. Contracts listed on the Dow Jones Industrial Average remained little changed.

GameStop Shares Surge More Than 35% Ahead of the Earnings Report

Shares of video game and electronics retailer GameStop are on the rise again. The company’s stock has been surging in recent days, gaining more...

Microsoft to Invest $3.2 Billion in UK in AI Push

Microsoft is planning to inject $3.2 billion over the next three years into the United Kingdom in an effort to foster artificial intelligence technology...

European and U.S. Stocks Rise Ahead of U.S. Inflation Data

European and U.S. stocks rose higher during Thursday's morning session as investors awaited U.S. inflation data due to be released later in the day....