Middle East Tensions Roil Global Markets as Oil Prices Surge
The sudden escalation of conflict in the Middle East sent shockwaves across global markets. Oil prices surged by almost $5 a barrel as concerns grew over potential disruptions to crucial oil supplies due to the involvement of neighbouring Middle Eastern countries. The New York Stock Exchange saw initial declines, with defence companies like Lockheed Martin experiencing gains, while travel and leisure sectors faced setbacks due to service suspensions. Israel’s stock market remained volatile, prompting intervention by its Central Bank to stabilize the shekel. The unfolding situation in the Middle East continues to unsettle global markets, raising concerns about inflation and economic growth.
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