MIDDLE EAST CONFLICT
What is the history of the Israel-Palestinian conflict?
Israel and Hamas have been in conflict since October 7, when Hamas militants killed 1,200 people and took 253 hostages in southern Israel. Israel's military response in Gaza has resulted in over 40,400 Palestinian deaths. This ongoing conflict originates from historical disputes over land and autonomy dating back to the establishment of Israel in 1948.
Oil prices pause after surging on Libyan outages, Middle East tensions
Oil prices saw a minor decline in Asian trading after rising over 7% due to supply concerns linked to Middle East tensions and Libyan oil field closures. Brent crude and WTI futures both fell. The market had reacted to potential disruptions from Israel-Hezbollah clashes and Libya halting oil production amid political disputes.
S&P 500 ends lower, weighed down by Nvidia dip
The S&P 500 declined on Monday, driven by Nvidia's 2.25% fall ahead of its quarterly report. The Nasdaq also fell, while gains in Caterpillar and American Express helped the Dow Jones finish slightly up. Investors awaited key inflation data, and Tesla shares dropped due to new Canadian tariffs on Chinese electric vehicles.
Dow hits record high on increased September rate cut bets, Nvidia results on tap
The S&P 500 and the Dow opened higher on Monday, with markets focused on results from AI-darling Nvidia and a key inflation report due later in the week, while geopolitical tensions in the Middle East made investors wary.
Oil climbs on Mideast escalation fears, US rate cut expectations
Oil prices increased amid concerns about the Gaza conflict escalating regionally. Brent and U.S. crude futures rose as fighting between Hezbollah and Israel intensified, potentially impacting oil supplies. An optimistic economic outlook fueled by anticipated U.S. interest rate cuts also contributed to the price surge, while the U.S. bolstered its Strategic Petroleum Reserve.
Top US general makes unannounced Middle East trip as Iran threat looms
Air Force General C.Q. Brown's unannounced Middle East visit aimed to prevent tensions from escalating into a broader conflict. He visited Jordan and planned trips to Egypt and Israel to discuss deterrence strategies with military leaders. His visit came as the U.S. seeks a Gaza ceasefire-for-hostages deal with Hamas amid increased regional tensions.
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Top US general makes unannounced Middle East trip as Iran threat looms
Air Force General C.Q. Brown's unannounced Middle East visit aimed to prevent tensions from escalating into a broader conflict. He visited Jordan and planned trips to Egypt and Israel to discuss deterrence strategies with military leaders. His visit came as the U.S. seeks a Gaza ceasefire-for-hostages deal with Hamas amid increased regional tensions.
Why airlines are increasing flights over conflict-ridden Afghanistan
Airlines like Singapore Airlines, British Airways, and Lufthansa have increased flights over Afghanistan, seeing it as relatively safer amid Middle East tensions. Despite the absence of air traffic control, pilots follow specific protocols. Routing changes are driven by regulatory updates and cost-saving needs.
Airlines suspend flights as Middle East tensions rise
International airlines have suspended or adjusted flights to the Middle East due to rising conflict concerns. Many airlines, including Aegean, Airbaltic, and Air India, have halted services to and from key cities like Tel Aviv and Beirut.
Fitch cuts Israel's credit rating to 'A' as Middle East tensions rise
Fitch downgraded Israel's credit rating to "A" from "A-plus" due to escalating geopolitical risks and prolonged conflict in Gaza. The agency forecasts increased military spending and a worsening budget deficit, potentially reaching 7.8% of GDP in 2024. The outlook remains negative, indicating further downgrades could occur.
Oil prices ease as markets refocus on demand worries
Oil prices declined on Tuesday, ending a five-day surge, as OPEC cut its 2024 demand growth forecast due to weaker expectations in China. Brent crude dropped to $81.89 per barrel, and U.S. crude fell to $79.63 per barrel. Market attention also turned to Middle East tensions and the upcoming U.S. inflation report.
Oil set for 3% weekly gain on rising Mideast tensions, better US outlook
GLOBAL-Oil set for 3% weekly gain on rising Mideast tensions, better US outlook
Gold inches up on improving Fed rate cut bets, Mideast tensions
Gold prices saw a slight increase on Thursday, supported by the anticipation of a U.S. interest rate cut and persistent Middle East tensions. Spot gold rose 0.3% to $2,387.37 per ounce. Investors are awaiting jobless claims data and Federal Reserve statements for further direction on monetary policy decisions.
Gold prices inch lower as US dollar, yields rebound
Gold prices decreased on Wednesday, influenced by a stronger U.S. dollar and rising Treasury yields, while the likelihood of a September rate cut by the Federal Reserve cushioned the fall. Spot gold fell 0.2% to $2,385.23 per ounce, and U.S. gold futures declined 0.3% to $2,425.50. The dollar's gains made gold costlier for other currency users.
Oil edges lower on surprise build in US crude and gasoline stocks
Oil prices decreased in early Asian trading following a short-lived rebound due to unexpected increases in U.S. crude and gasoline inventories. Brent crude futures dropped to $76.27 a barrel, and WTI crude declined to $72.95 a barrel. Tensions in the Middle East and lower production at Libya’s Sharara oilfield have added to global supply concerns.
Oil dips as demand concerns outweigh Middle East supply fears
Oil prices dipped lower in volatile trade on Tuesday, as a weak demand outlook after a global sell-off in markets on Monday countered price support from fears of an escalation in the Middle East conflict, and a drop in Libyan production.
Oil prices climb more than $1 on fear of spreading Middle East conflict
Oil prices climbed on Tuesday, mitigating the previous day's losses. Heightened tensions in the Middle East, particularly fears of Iranian retaliation, overshadowed concerns about a possible U.S. recession impacting demand. Brent crude and U.S. West Texas Intermediate futures both saw notable gains, as the market responded to threats of escalating conflict.
UN calls for urgent de-escalation in Middle East
UN High Commissioner for Human Rights Volker Turk on Monday urged immediate de-escalation in the Middle East, fearing the Gaza conflict could widen. Turk expressed deep concern over rising tensions and called for urgent action from all parties and influential states to prevent further escalation. Iran's recent statement asserting its right to retaliate against Israel, along with ongoing violence between Israel and Hezbollah, has heightened international worries about the conflict spreading. Turk emphasized the dire need to avoid further suffering for civilians.
Oil falls, Brent settles at 7-month low after disappointing US job numbers
Oil prices fell significantly on Friday, with Brent and U.S. West Texas Intermediate crude futures settling at their lowest since January. The drop was triggered by weaker-than-expected U.S. job growth and sluggish economic data from China. Manufacturing activity weakened across Asia, Europe, and the U.S., raising concerns over global demand and economic recovery.
Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
Oil prices dropped to their lowest in eight months amid fears of a U.S. recession. Brent crude and U.S. West Texas Intermediate futures saw minor declines. Escalating tensions in the Middle East, including Israeli airstrikes in Gaza, are raising concerns about future crude exports. Recent economic data showing weak global demand also weighed on prices.
France calls on citizens in Lebanon to leave 'as soon as possible'
France has issued a travel advisory urging its citizens to leave Lebanon immediately due to escalating fears of an all-out war between Israel and Hezbollah, and potential broader regional conflict. The French foreign ministry highlighted the availability of direct and connecting flights to France, urging nationals and travelers to make arrangements to depart Lebanon "as soon as possible" amid a highly volatile security situation.
Oil settles at 8-month low after disappointing US job numbers
Oil prices dropped on Friday to their lowest levels since January after the U.S. reported slower job growth and China released weak economic data. Brent crude fell to $76.81, and U.S. West Texas Intermediate to $73.52. The decline was fueled by concerns over global economic recovery and increased OPEC oil output.
US to send more warships, fighter jets to Middle East to bolster defenses amid Iran Israel conflict
The Pentagon disclosed plans to deploy more fighter jets and Navy warships to the Middle East, enhancing defenses against Iranian threats. This decision came after the killing of Hamas leader Ismail Haniyeh and escalating violence in the region. The U.S. aims to bolster force protection and support Israel's defense in response to these tensions.
Gold scales 2-week high as Fed nods to likely Sept rate cut
Gold prices reached a two-week high following indications from U.S. Federal Reserve Chair Jerome Powell of possible interest rate cuts by September. Spot gold stood at $2,448.38 per ounce. Attention is on the forthcoming U.S. payroll report which may influence gold prices as the week concludes.
Oil rises on risk of broadening Middle East conflict
Oil prices surged in Asian markets following the assassination of Hamas and Hezbollah leaders, raising concerns of a broader Middle East conflict. Robust U.S. oil demand and declining stockpiles contributed to the price increase. A weaker dollar further supported oil demand from international investors.
Oil prices slip below $80/bbl on China demand concerns, waning Middle East worries
Oil prices dipped again in early Asian markets due to fears over Chinese demand and Middle East tensions. Brent crude fell to $79.78 a barrel, while U.S. crude dropped to $75.67. China's sluggish economic data and growth forecasts, coupled with geopolitical risks, contributed to the continued declines in oil prices.
Oil prices rise on fears of wider Middle East conflict after rocket strike in Golan Heights
Oil prices increased on Monday due to Middle East tensions after a rocket attack in the Golan Heights. Israel and the U.S. blamed Hezbollah, which denied involvement. Brent crude and WTI futures saw modest gains, though concerns about China's demand limited these. The potential for a wider conflict and Gaza ceasefire talks influenced the market.
US President Biden to meet Netanyahu; discuss Gaza conflict, hostage deal: White House
US President Joe Biden met Israeli Prime Minister Benjamin Netanyahu to discuss the ongoing Gaza conflict and efforts to secure the release of hostages held by Hamas. White House National Security Communications Advisor John Kirby emphasized the urgency of finalizing the hostage deal and achieving a ceasefire in Gaza. Both leaders also planned to meet families of the hostages, reinforcing their commitment to resolving the situation. Netanyahu's visit to the US comes amid significant controversy due to the rising Palestinian casualties in Gaza, attracting criticism and protests against US support for Israel.
Oil inches up as war jitters outweigh surprise build in U.S. crude stocks
Oil prices rose on conflict fears in Europe and the Middle East, with unexpected U.S. crude inventory build. Concerns over escalating conflict and supply disruptions led to price increases in the oil market.
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