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Hopes that oil supply might ease a bit next year, and inflationary pressures with it, are fading after Saturday’s shock attack on Israel. On Monday, Brent crude futures rose about 4% to $88 a barrel as traders sized up the potential impact on global supply of a new war in the Middle East. Neither Israel or Palestine are major oil producers, so there isn’t an immediate effect.

By Lewis Krauskopf and Naomi Rovnick

With the unfortunate events over the weekend triggering a “risk off” response in the markets, and key US data to come later in the week, both the Japanese yen, still deemed by many as a haven currency, and the US dollar will be in focus this week. Additionally, there is the potential for further Japanese intervention given that the USD/JPY trades not too far from the 150.00 level, where it met some notable resistance, apparently by Japanese authorities, last week.

STOCKHOLM (Reuters) — American economic historian Claudia Goldin won the 2023 Nobel economics prize for «having advanced our understanding of women's labour market outcomes», the Royal Swedish Academy of Sciences said on Monday.

By Wayne Cole

Investing.com — Oil prices climbed sharply Monday as the escalating violence in the Middle East raised concerns about the security of future crude supply.

Catch Israel-Palestine War Live Updates here The fallout of Israel-Hamas war on the global economy may take time to become clear but would become more severe if the conflict spreads to the rest of the Middle East, especially Iran, which is both a major oil producer and supporter of Hamas. “It’s too early to say" what the implications may be, though oil and equity markets may see immediate fallout, Agustin Carstens, general manager of the Bank for International Settlements, said in a presentation to the National Association for Business Economics, Reuters reported.

Joe Biden's $6 billion prisoner-swap deal with Iran is now under the spotlight after militant group Hamas, long backed by Iran, staged one of the bloodiest attacks on Israel in years. Some Republicans are trying to link Biden to attack. Nikki Haley, one of the Republican presidential candidate for 2024 polls, alleged that allowing Iran access to the billions of dollars improves its budget situation, letting it use the money elsewhere. «Let's be honest with the American people and understand that Hamas knows, and Iran knows they're moving money around as we speak, because they know $6 billion is going to be released. That's the reality,» she said. US Secretary of State Antony Blinken has however said that there is not evidence yet of «Iran directed or was behind this particular attack, but there’s certainly a long relationship.» Fighting between Israel and Hamas militants continued for the third day, which is likely to drag on. More than 1,100 people have been killed in Palestinian group Hamas's surprise assault on Israel on Saturday and Israel's retaliation.

Middle East boosted oil and Treasuries, while the sizzling September U.S. jobs report raised the rate stakes for inflation figures later in the week. Holidays in Japan and South Korea made for thin conditions but the initial bid was for bonds and the safe harbours of Japanese yen and gold, with the euro the main loser. «The risk is higher oil prices, a slump in equities, and a surge in volatility supports the dollar and yen, and undermine 'risk' currencies,» said analysts at CBA in a note. In particular, there was a chance oil supplies from Iran might be disrupted, they added. «Given the tightness already facing physical oil markets in Q4 2023, an immediate reduction in Iran's oil exports risks pushing Brent futures above $US100/bbl in the short term.» Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds of people in retaliation for one of the bloodiest attacks in its history when Islamist group Hamas killed 700 Israelis and abducted dozens more. The danger of disruptions to supply was enough to drive Brent up $4.24 to $88.82 a barrel, while U.S.

Reuters reported. 4) Iran helped Hamas plot the rocket attack on Israel and approved of the assault during a meeting in Beirut last week, according to The Wall Street Journal report. 5) US President Joe Biden ordered “additional support" for Israel.

rocket attack on Israel and approved of the assault during a meeting in Beirut last week, according to a report published by The Wall Street Journal. The death toll from the bloodiest war that erupted between Israel and Hamas surged to 1,000. The report also stated that the officers of Iran's Islamic Revolutionary Guard have worked with Hamas to plan the deadly attack since August.

Israel’s national paramedic service chief of staff Uri Shacham says the team had to pivot from healing rocket wounds to gunshot wounds after the Hamas attack.

NEW DELHI : Israel’s declaration of war on Hamas in response to attacks on its territory may cloud New Delhi’s ambitious plans to build an India-Middle East-Europe economic corridor (IMEEC), Indian exporters and trade experts said. The plan to develop shipping and railway links between the three regions was announced as part of the Delhi declaration of the G20 summit in India. Fears are growing in the Indian capital that the war could drive insurance premiums and shipping costs higher as was seen on the trade routes affected by the Russia-Ukraine war last year.

Hamas assault on Israel has opened up a new front in the US election campaign as Republicans accuse President Joe Biden of being soft in his defense of Israel and in his handling of Iran. «I think this is a great opportunity for our candidates to contrast where Republicans have stood with Israel — time and time again — and Joe Biden has been weak,» Ronna McDaniel, chairwoman of the Republican National Committee, said Saturday on Fox News. Americans will choose a new president and control of Congress in November 2024, with Biden, 80, seeking another term in a race that looks likely to pit him against former president Donald Trump as the Republican candidate. Trump used the stunning Hamas attack by land, sea and air at dawn Saturday to target Biden. «The Israeli attack was made because we are perceived as weak and ineffective and with a very weak leader,» he said. Other Republican presidential hopefuls, like Florida Governor Ron DeSantis and former vice president Mike Pence, also dimissed Biden as weak. A stern-faced Biden gave a short speech from the White House on Saturday to stress firm US support for Israel. «Today, the people of Israel are under attack, orchestrated by a terrorist organization, Hamas,» Biden said. «In this moment of tragedy, I want to say to them and to the world and to terrorists everywhere that the United States stands with Israel.

Hamas militants and Israeli forces a day after the Islamist group launched a surprise attack on Israel from Gaza, in a dramatic escalation of the Israel-Palestinian conflict. Hundreds of people have been killed on both sides since the Iran-backed Hamas launched the multi-pronged assault at dawn on Saturday, with Israeli forces fighting holdout militants and pounding the Gaza Strip with air strikes.

Lebanon's Hezbollah said it targeted Israeli military positions in the disputed Shebaa Farms on Sunday, saying it was acting «in solidarity» with the Palestinian people after an unprecedented attack by Hamas gunmen from Gaza into Israel. Israel responded with barrages of artillery into southern Lebanon. No casualties have been reported. Backed by Iran, the Shi'ite group has risen from a shadowy faction established during Lebanon's 1975-90 civil war to a heavily armed force with big sway over the Lebanese state.

Middle East for a new era. But the old Middle East, it turns out, still has something to say about it. The stunning Hamas assault on Israel on Saturday served as a gut-wrenching reminder that the decades-old conflict with Palestinians remains a cancer that has not gone away even as leaders in Washington, Jerusalem, Riyadh, Saudi Arabia, and other Arab capitals would prefer to focus on building a revamped region. U.S. officials said it was too early to say whether the attack was explicitly motivated by a desire by Hamas or its patron Iran to disrupt President Joe Biden's effort to broker a landmark deal between Israel and Saudi Arabia that would profoundly reorient the Middle East. But they acknowledged that it could complicate the already delicate negotiations and make it that much harder to reach an agreement akin to the Abraham Accords between Israel and smaller Arab nations. Also Read: Israel Palestine War Live Updates: At least 500 dead in Israel and Gaza after Hamas attack; Indian students get in touch with Embassy «This will slow considerably if not kill the Saudi Abraham Accords deal,» said Mara Rudman, a former Middle East peace diplomat under President Barack Obama. «It strikes at the heart of key elements for Saudi entry, a pathway forward for Palestinians in West Bank and Gaza,» she added. «And on the Israeli side, there will be zero appetite across a wide political spectrum for helping Palestinians, despite the fact that so doing could actually enhance, not detract from, Israeli security.»

Read more. Four more remains were discovered on October 7, and the death toll from the Sikkim flash flood reached 30. There are currently 81 persons missing, for whom search efforts are underway.

Robert Malley, a prominent figure in the Biden administration, had been suspended from his role, leaving many wondering what had transpired. Malley was a key player in shaping the Democratic Party's Middle East policy and had previously been involved in diplomatic efforts with Iran during the Obama era.

Israeli diplomat and former Deputy Chief of Mission (DCM) Maya Kadosh has stressed the involvement of Iran behind the deadly strikes. In an interview with ANI, Kadosh said, «It's definitely something that was well prepared and well sponsored. And we assume that Iran was behind this move.

Hasan Yazdani expectedly proved too good for Deepak Punia, who settled for a silver after losing by technical superiority to the Iranian legend in the men’s 86kg category as India’s wrestling campaign concluded at the Asian Games here on Saturday with six medals but without a gold.It was the second time that Deepak found himself up against his childhood idol Yazdani, the two-time Olympic medallist and eight-time World Championship medallist.