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| Oil prices spike amid Israel incursion | Oil prices spike amid Israel incursion |
| (about 20 hours later) | |
| The IDF has said it is broadening its ground operations in Gaza | The IDF has said it is broadening its ground operations in Gaza |
| Oil and metals markets reacted strongly on Friday to news from the Middle East, where Israel Defense Forces (IDF) announced they were “expanding ground operations” in Gaza. | Oil and metals markets reacted strongly on Friday to news from the Middle East, where Israel Defense Forces (IDF) announced they were “expanding ground operations” in Gaza. |
| Oil prices climbed nearly 3% to a one-week high amid fears that the conflict between Israel and Palestine could spread to the broader Middle East, a crucial supplier of energy and a key oil shipping passageway. Global benchmark Brent futures rose $2.51, or 2.85%, to settle at $90.44 a barrel. The US benchmark West Texas Intermediate (WTI) crude spiked $1.95, or 2.3%, to settle at $85.16 a barrel. | Oil prices climbed nearly 3% to a one-week high amid fears that the conflict between Israel and Palestine could spread to the broader Middle East, a crucial supplier of energy and a key oil shipping passageway. Global benchmark Brent futures rose $2.51, or 2.85%, to settle at $90.44 a barrel. The US benchmark West Texas Intermediate (WTI) crude spiked $1.95, or 2.3%, to settle at $85.16 a barrel. |
| According to an earlier projection by Bloomberg Economics, oil prices could reach $150 per barrel if Iran joins the conflict. | According to an earlier projection by Bloomberg Economics, oil prices could reach $150 per barrel if Iran joins the conflict. |
| Meanwhile, gold topped $2,000 an ounce for the first time since May as investors started stocking up on the haven asset, a traditional move in times of economic or geopolitical instability. Gold futures for December settled Friday’s official trading session at $1998.50 an ounce, but surged in post-settlement trade to $2,017.85, up $20.45, or 1.02%, on the day. | |
| “We’re seeing this spike as Israel moves into Gaza, and there’s now a growing risk this might become a broader conflict,” Bart Melek, managing director and head of commodity strategy at TD Bank, told Bloomberg. | “We’re seeing this spike as Israel moves into Gaza, and there’s now a growing risk this might become a broader conflict,” Bart Melek, managing director and head of commodity strategy at TD Bank, told Bloomberg. |
| Gold has rallied approximately 9% since the Israel-Palestine conflict escalated after a surprise attack by Palestinian armed group Hamas on Israel on October 7. Experts and traders warn that the uncertainty in the region will continue driving bullion prices higher. | Gold has rallied approximately 9% since the Israel-Palestine conflict escalated after a surprise attack by Palestinian armed group Hamas on Israel on October 7. Experts and traders warn that the uncertainty in the region will continue driving bullion prices higher. |
| Silver, another wealth preservation asset, also edged higher on Friday, with futures for December delivery closing at $23.24, up 1.47%. The precious metal has rallied roughly 10% since October 7. | Silver, another wealth preservation asset, also edged higher on Friday, with futures for December delivery closing at $23.24, up 1.47%. The precious metal has rallied roughly 10% since October 7. |
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| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |