(Bloomberg) — Oil soared more than 4% and Treasury futures jumped as traders reacted to shock attacks by Hamas within Israel over the weekend that left hundreds dead.
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The Israel attacks sent West Texas Intermediate over $86-a-barrel Monday, days after crude posted its biggest weekly drop since March. The fallout in markets will likely be determined by whether conflict spreads to the rest of the Middle East region. Iran is both a major oil producer and supporter of Hamas. Treasury futures advanced while US equity futures slid in early Asia trading Monday.
“Geopolitical crises in the Middle East have usually caused oil prices to rise and stock prices to fall,” said Ed Yardeni, president of Yardeni Research Inc. “Much will depend on whether the crisis turns out to be another short-term flare-up or something much bigger like a war between Israel and…
