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Oil prices edged down slightly on Tuesday after gaining more than 4% in the previous session as markets weighed the potential for supply disruptions as the conflict between Israel and the Palestinian Islamist group Hamas continued. Brent crude fell 18 cents, or 0.2%, to $87.97 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude eased 16 cents or 0.2% to $86.22 a barrel. Both benchmarks had gained more than $3.50 on Monday on news of the conflict after falling steeply in volatile trading last week. Hamas' launched the largest military assault on Israel in decades on Saturday.

The shock attack by Hamas and Israel’s response risk a wider destabilisation of the region – and the global oil market is watching.

Global markets took a hit today as tensions between Israel and Hamas escalated into full-blown warfare over the weekend. The conflict has caused ripples across asset classes, sending emerging stocks and cryptocurrencies on a downward trend while boosting the value of oil and precious metals.

Oil prices climbed with worries about violence in the Middle East

Investing.com — The Dow closed higher Monday, as investors bought the early-day weakness after weighing up a more cautious tone rate hike from Federal Reserve officials and rising geopolitical tensions amid fears the Israel-Hamas conflict.  

Investing.com — The S&P 500 climbed Monday, after cutting losses despite rising geopolitical tensions amid fears the Israel-Hamas conflict could spark a wider war in the Middle East.  

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 Natalie Grover

₹192.25 on 29th September, however had corrected more than 5% during the previous week as it stood amongst the largest losers amongst Nifty stocks, following correction in crude prices. The global slow down concerns had weighed on the crude prices during the last week that had otherwise been rising on supply side concerns due to production cuts by Russia and Saudi Arabia. The Israel Palestine Crisis now however is leading to the expectations of rebound in crude prices and remains supportive for ONGC stock prices.

«The timing is definitely symbolic, and I believe it was picked that way by the initiators,» Sarit Zehavi, President and Founder of Alma Research and Education Centre and former researcher in the Israel Defence Forces Intelligence Corps, told ANI. On Saturday, which was also a major Jewish holiday, Hamas militants launched a series of rocket strikes that hit major cities across Israel, and it sent waves of fighters across the border into southern Israel, killing hundreds of people and taking captives back to Gaza. Hamas militants used explosives to breach the barriers and then used bulldozers to widen the gaps. Militants entered into Israel in motorcycles and SUVs.

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.

Reuters said on Sunday citing the Saudi state news agency. “Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news agency SPA said, as per the Reuters report. Energy ministers of the six Arab nations met on the sidelines of the UN MENA climate week event in Riyadh on Sunday.

NEW DELHI : India and Saudi Arabia on Sunday signed a memorandum of understanding (MoU) on securing a green hydrogen supply chain and cooperation on power grid interconnection. The MoU was signed in Riyadh by union minister for power and new & renewable energy RK Singh and the Saudi minister of energy Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week 2023.

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.

UAE food industry said that huge demand is there in the Middle East countries for chicken, dairy, basmati rice, frozen marine goods and wheat products from New Delhi. The UAE industry has sought the support of the Indian government in smooth certification processes, more coordination with Agricultural & Processed Food Products Export Development Authority (APEDA), and harmonisation of standards. They also said that high quality packaging of Indian products would help boost New Delhi players to increase exports of food and food products in countries like Bahrain, Kuwait, the Sultanate of Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

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.»

Indian Air Force (IAF) made a triumphant return from 'Exercise Bright Star' in Egypt over the weekend. This biennial multilateral tri-services exercise, hosted at the Cairo (West) Air Base in Egypt, proved to be an extraordinary opportunity for India to demonstrate its air power and strategic capabilities. Group Captain Parijat Jha, the Commanding Officer of the 28 Squadron, piloted the MiG-29 fighter during this exercise. He shared his enthusiasm, emphasizing the importance of India's participation.

Canada and India, with some officials concerned it could upend the U.S. strategy toward the Indo-Pacific that is directed at blunting China’s influence there and elsewhere. Publicly, the administration has maintained that Canadian Prime Minister Justin Trudeau's allegations that the Indian government may have been involved in the killing of a Sikh separatist near Vancouver are a matter between the two countries. But U.S.

SoftBank on Friday offloaded a 2.5% stake in Policybazaar's parent firm PB Fintech through open market transactions for Rs 871 crore. SoftBank through its affiliates — SVF India Holdings (Cayman) Ltd and SVF Python II (Cayman) Ltd — sold the shares of the company.

Saudi Energy Minister Abdulaziz bin Salman isn’t short of fans. One of them is Eric Nuttall, a Canadian who invests in oil equities.

Investing.com — The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.