Missile Mayhem: Market Shifts Amid Iran-Israel Tensions

Global markets reacted to renewed hostilities between Iran and Israel, as share prices climbed and oil prices eased. Early Monday trading witnessed a significant impact from Iran's latest missile attacks on Israel, following Israel's targeting of Iranian nuclear and military sites last week.

Despite Friday's surge of over 7% in oil prices, driven by concerns over potential disruptions in Iranian oil supply, the beginning of the week saw prices dip slightly. US crude dropped 73 cents to $72.25 per barrel, with Brent crude down to $73.50 per barrel. Meanwhile, stock indices like the S&P 500 and Dow Jones showed resilience, each advancing by 0.5%.

While some companies, especially in transport and tourism, experienced declines, oil producers and defense contractors benefitted amid the geopolitical tensions. Exxon Mobil, ConocoPhillips, and key defense firms gained as oil's price jump indicated potential for increased profits. Concurrently, gold prices rose as investors sought safety amid fluctuating markets.

(With inputs from agencies.)