Israel-Hamas war impact: Oil prices dip; gold prices surge amid the turmoil

livemint.com:

oil prices edged down slightly on Tuesday after gaining more than 4% in the previous session. Gold rose the most since May on increased haven demand after tensions ramped up in the wake of the Hamas attack on Israel. On Monday, gold price on the Multi Commodity Exchange (MCX) for the December 2023 expiry contract opened higher at ₹57,000 per 10 gm levels and went on to hit an intraday high of ₹57,400 levels within a few minutes of commodity market's opening bell.

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. While Israel produces very little crude oil, markets are worried that if the conflict surges it could hurt Middle East supply.

In a major escalation on October 7, Hamas launched a "surprise attack" on Israel, firing a barrage of rockets into the southern and central parts of the country. As many as 2,300 people have sustained injuries and more than 700 have died in the "worst massacre of Israeli civilians" by Hamas, Israel Defence Forces (IDF) said. Major airlines have suspended flights in and out of Israel.

Scores of arriving and departing flights at Tel Aviv's Ben Gurion International Airport were cancelled or delayed, according to the airport's online flight board, which also showed a steady trickle of flights. Hamas officials cited long-simmering tensions including a dispute over the sensitive Al-Aqsa Mosque sacred to both Muslims and Jews. In recent years, Israeli religious nationalists have increased their visits to the compound.