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Stocks Decline to Begin the Week Following a Hamas Strike Against Israel

Stocks fell on Monday as the deadly Israel-Hamas war put additional strain on a market already vulnerable to inflation and rising interest rates.

A decline of 80 points, or 0.2%, occurred in the Dow Jones industrial Average. The Nasdaq Composite dropped 0.8%, while the S&P 500 dropped 0.4%.

After the militant organisation Hamas conducted an invasion, which Israel appeared to be unprepared for, the Israeli-Palestinian war erupted on Saturday. Operation Al Aqsa Flood, as it is known by Hamas, has resulted in the deaths of over 700 Israelis and at least 490 Palestinians as a result of Israeli strikes in retaliation on the Gaza Strip. Benjamin Netanyahu, the Israeli prime minister, declared war on his nation as a result of the attack.

Since 2007, the Gaza Strip has been ruled by Hamas, a terrorist organisation with Iranian support.

With some experts predicting an oil “knee jerk spike,” the conflict’s escalating geopolitical tensions may have an impact on the energy market. The market volatility that has put traders on edge due to sustained inflation and increased interest rates may also be stoked by the escalating conflict.

On Monday, WTI crude oil futures were up 3.5% and were trading over $85 per ounce. The price of global Brent futures increased 3.2% to $87.29.

Source (CNBC)

SourceCNBC
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