Market Jitters Amid Middle East Tensions: Oil Surges, Shares Waver
Asian shares varied as oil prices rose due to increasing Iran-Israel tensions. US crude added 20 cents to $73.18/barrel, while Brent grew 95 cents to $75.18/barrel. US stocks fell; the S&P 500 dropped 1.1%. Investors turned to gold and defense stocks as safe havens amid the geopolitical unrest.
Asian markets produced a mixed outlook on Monday, as mounting tensions between Iran and Israel stirred concerns about global oil supply disruptions.
The US benchmark crude climbed by 20 cents to reach $73.18 per barrel, and Brent crude saw an increase of 95 cents to hit $75.18 per barrel.
US stocks experienced a downturn, with the S&P 500 falling by 1.1%. Investors pivoted towards gold and defense stocks, perceiving them as safer investments in light of the geopolitical uncertainty affecting oil and overall economic stability.
(With inputs from agencies.)
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