In the wake of a surprise attack by Hamas on Israel, oil prices surged by 5%, with Brent crude climbing to $88.82 a barrel and US West Texas Intermediate (WTI) reaching $87.05. This increase was primarily driven by concerns about escalating tensions in the Middle East, despite the absence of any immediate threat to the oil supply.
Similarly, gold prices saw a significant surge of more than 1% due to heightened concerns related to the Middle East conflict, resulting in increased demand for the safe-haven asset. Spot gold reached $1,850.87 per ounce, marking a 1% increase, and reaching its highest level in a week, while US gold futures also rose by 1.1% to $1,865.20 per ounce.
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