XOM - Oil Spikes 5% US Stock Futures Fall: Analysts Weigh In On Impact Of Israel-Hamas Conflict | Benzinga
Crude oil could break its two-day losing streak on Monday, rallying in the Asian session due to escalating geopolitical tensions in the Middle East.
What Happened: In an unexpected development, the Palestinian militant organization Hamas, which controls the Gaza Strip, launched a series of rocket attacks on Israel over the weekend. These attacks continued into Sunday and resulted in significant casualties, with over 1,100 people reported dead, including 700 Israelis, over 2,000 injured, and hundreds of civilians and military personnel held hostage in Gaza.
The international community expressed solidarity with Israel and criticized Iran for supporting the terrorists. Israel responded by declaring war on Hamas and deploying approximately 100,000 reserve troops near the Gaza border, Al Jazeera reported.
Oil On the Boil: WTI crude oil had recently slipped from its late-September peak of over $95 per barrel to $81.50 per barrel.
However, the recent tensions reignited the oil rally, ...