Oct 09, 2023
Hamas surprise attack on Israel is triggering fears of an oil supply chock. The Wall Street Journal reported Iranian security officials helped Hamas plan on its attack on Israel. If this proves correct, the risk of further destabilization in the region is high especially in case of a retaliation by Israel considering Iran is a major oil exporter and possible disruptions of the passage of vessels through the Strait of Hormuz. Financial markets are pricing in this new geopolitical reality: Israel stock market down 6.5% and brent oil is touching 89 USD. Also watch the USD and gold today.