{"id":6883,"date":"2023-10-30T00:24:17","date_gmt":"2023-10-30T00:24:17","guid":{"rendered":"https:\/\/infundpros.com\/markets\/oil-falls-markets-hold-steady-as-israel-launches-gaza-ground-offensive\/"},"modified":"2023-10-30T00:24:18","modified_gmt":"2023-10-30T00:24:18","slug":"oil-falls-markets-hold-steady-as-israel-launches-gaza-ground-offensive","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6883","title":{"rendered":"Oil falls, markets hold steady as Israel launches Gaza ground offensive"},"content":{"rendered":"
\n

Oil futures dropped Sunday night as markets saw a calm opening following Israel\u2019s launch of a ground offensive in Gaza that drew implied threats from Iran amid market fears of a wider conflict that could disrupt global crude supplies.<\/p>\n

Oil declined as Israel \u201cseems to be approaching the situation with caution, which has brought a sense of relief that the worst-case scenarios may not materialize,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a note.<\/p>\n

\n

Innes, however, said investors should remember \u201cthis is likely to be a long, drawn-out affair with many false dawns.\u201d<\/p>\n

West Texas Intermediate crude for December delivery
\n CL00,
\n -1.10%<\/bg-quote><\/p>\n

CL.1,
\n -1.10%<\/bg-quote><\/p>\n

CLZ23,
\n -1.10%<\/bg-quote>
\n fell 84 cents, or 1%, to $84.70 a barrel on the New York Mercantile Exchange. December Brent crude
\n BRNZ23,
\n -1.07%<\/bg-quote>,<\/span>
\n the global benchmark, was off 92 cents, or 1%, at $89.56 a barrel on ICE Futures Europe, dipping back below the $90-a-barrel threshold.<\/p>\n

Oil futures jumped nearly 3% on Friday, but suffered weekly declines, eroding the modest risk premium priced into the market.<\/p>\n

Read:<\/strong>\u00a04 reasons why oil prices have only seen a modest Middle East risk premium<\/p>\n

Israeli solders had moved at least two miles deep into the Gaza Strip as of Sunday, the Wall Street Journal reported, after beginning a delayed ground incursion into the enclave aimed at routing Hamas following its Oct, 7 attack on southern Israel that left more than 1,400 dead and saw more than 200 Israelis taken hostage.<\/p>\n

A sustained bombardment of the densely populated Gaza Strip by Israel has resulted in more than 8,000 casualties, according to Palestinian authorities. Israel has been under pressure by the U.S. and others to minimize civilian casualties.<\/p>\n

U.S. stock-index futures ticked higher, with S&P 500 futures
\n ES00,
\n +0.36%<\/bg-quote>
\n up 0.3%, while futures on the Dow Jones Industrial Average
\n YM00,
\n +0.22%<\/bg-quote>
\n added 44 points, or 0.1%.<\/p>\n

The biggest worry among investors is a conflict that sees Iran become more directly involved. Iranian crude exports have rebounded from lows seen after the Trump administration withdrew the U.S. from a nuclear accord with Tehran and reimposed sanctions in 2018.<\/p>\n

A renewed crackdown on Iran could take up to 1 million barrels a day of crude off the market, while a spiraling conflict could see Tehran threaten transportation chokepoints, particularly the Strait of Hormuz, or otherwise attack infrastructure in the region, while driving up a fear premium.<\/p>\n

Iranian President Ibrahim Raisi, in a post on X written in English, said Saturday that Israel had \u201ccrossed the red lines, which may force everyone to take action.\u201d<\/p>\n

U.S. warplanes on Friday struck two locations in eastern Syria, which the Pentagon said were linked to Iran\u2019s Revolutionary Guard Corps, following a string of attacks on U.S. air bases in the region that started last week.<\/p>\n

U.S. stocks are poised to book another round of monthly losses as October draws to an end, though pressure has been attributed largely to a surge in Treasury yields. The S&P 500
\n SPX
\n last week joined the Nasdaq Composite
\n COMP
\n in correction territory, while the Dow
\n DJIA
\n is down more than 2% year to date.<\/p>\n

The rise in yields, which move opposite price, has come as U.S. government debt has failed to attract its usual haven-related buying amid rising Mideast tensions.<\/p>\n

See:<\/strong> Israel-Hamas war sees investors shun most traditional havens, except for these two<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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