oil
All eyes were on oil prices on Monday, with oil and Brent crude prices rising on concerns that fighting between Israel and Hamas could engulf other parts of the Middle East.
Brent crude (BZ=F) was up 3.5% by midday in London, trading at $87.59 (£71.96) per barrel, while West Texas Intermediate crude (CL=F) ) rose 3.8%.
read more: Live: 1,100 dead in Israel-Gaza conflict, FTSE rises, oil rises
Analysts say the impact of the current move could be minimal because Israel is not an oil-producing country, but if the conflict escalates, 20% of global oil production could be lost. There is a possibility of being involved in a fire.
Gold rose about 1% as investors turned to safe-haven assets to protect their funds from volatility caused by the Israeli shock. As of 11:45 a.m. London, the price is about $1,860.
Commodity prices began rising on Friday after hitting their lowest since March, hampered by signals from the US Federal Reserve to keep monetary policy tight.
The dollar also strengthened against the pound (GBP=X) and the euro (EUR=X) on Monday for the same safe-haven reason.
Lockheed Martin (LMT)
Aerospace and defense company Lockheed Martin is typically among the winners when conflicts escalate, and Monday’s price action will be no different.
The stock is expected to rise 4.8% at the start of late Monday U.S. trading as fighting between Hamas and Israel continues, according to futures markets.
On Friday, the company’s board of directors approved a dividend of $3.15 per share for the fourth quarter of 2023 and the repurchase of up to $6 billion of additional Lockheed Martin common stock.
International Consolidated Airlines Group, which owns British Airways, slashed the value of its airline shares on Monday over concerns about how the Israeli conflict will affect international travel.
Prices had fallen about 4.5% by midday in the London market.
Ryanair (RYA.IR) and Wizz Air (WIZZ.L) also fell 2% and 4%, respectively.
Watch video: Israel battles Hamas and populace near Gaza after ‘9/11-like’ attack
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