Investors are bracing for market volatility following the surprise attack on Israel by Hamas militants. Crude oil futures shot up over the weekend whi
le gold prices gained and global stock markets teetered ahead of U.S. markets opening on Monday. Neither Israel nor the surrounding Palestinian-controlled territories are major oil producers. But the broader Middle East region is. The risk is that Israel could become engulfed in a wider conflict with Muslim countries accused of financially supporting terrorists – namely Iran and Saudi Arabia.
Geopolitical shocks can certainly cause markets to gyrate in the near term. But they tend not to drive major long-term trends. Closer to home, the U.S. is also facing political turmoil in Congress following the ouster of House Speaker Kevin McCarthy by a small handful of fiscally conservative Republicans. Rep. Jim Jordan is a leading candidate for the job to replace McCarthy, having been endorsed by former President Donald Trump.
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