Investors have been heavily eyeing the oil stock and commodity markets following the Hamas terrorist attacks on Israel.
“When we first had the invasion, oil prices rose sharply higher, everybody got long, and then a few hours later everybody said wait a minute, Israel doesn’t produce any oil, supplies are not at risk, so everybody that was trying to jump into the market to take advantage of that got crushed when prices fell,” Price Futures Group’s Phil Flynn stated.
“But this is a new game, a new phase,” he continued, referring to the high tensions between Iran and Israel that have risen throughout the course of the conflict. (Poll: Did Joe Biden’s Failures Lead to Hamas Attack? VOTE)
Iran is the fifth highest OPEC oil producer, with Saudi Arabia sitting on top.
Bank of America investment strategist Michael Hartnett pointed out that the Israel-Hamas war has caused less of a stir in the oil markets than previous conflicts.
“Other shocks saw oil jump 40% to 90% in short order. Oil barely moved last week; maybe geopolitics don’t spiral or maybe oil is sending a recession signal” he noted.
JPMorgan CEO Jamie Dimon spoke up on the war, stating, “This may be the most dangerous time the world has seen in decades,”
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