Escalating Middle East conflict sparks world markets anxiety

Siphelele Dludla

Developments have seen global oil prices shooting up and markets worry over tight oil flows Investor sentiment in the currency and commodity trading turned sour yesterday as risk aversion in global markets heightened due to the escalating violence in the Middle East. Palestinian militant group Hamas launched the biggest attack on Israel in decades on Saturday, killing several hundreds and taking others hostage. In a swift response to what some have called Israel’s 9/11, Israeli fighter jets bombarded parts of the Gaza Strip, which also resulted in major casualties.The developments in the Middle East saw global oil prices shooting up as the markets worried that the conflict could disrupt already tight oil flows following Saudi Arabia and Russia’s production cuts. Brent crude oil prices rose by 4% to around $88…

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Cape Times (Digital) - 1 Issue, 2023-10-10

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