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Peter Davis

An writer at FOMOdrive

  • Oct 14, 2023
  • 2 min read

Gold, oil and gas surge again amid war in Israel

On Friday, gold rose at its fastest rate in seven months, setting a new record.

Despite US inventories increasing, oil prices saw a jump of almost 4%.

For the first time since February, the cost of gas in Europe has risen above $600.

On Friday, gold prices rose by more than 2%, setting a record high since mid-March.

Prime Minister Netanyahu has declared that Israel is ready to launch a planned operation against Hamas. Approximately one-third of the mobilized forces have been sent to the Gaza border. In addition, an emergency government has been formed, which includes two former chiefs of the Israel Defense Forces. The Gaza Strip is still under blockade and is being bombarded regularly, and the power plant in the area has ceased functioning.

On Friday, Iran's foreign minister cautioned that if the blockade of the Gaza Strip persists, Hezbollah militants supported by Tehran could initiate a new front in the war against Israel in the north of the country.

Tehran has cautioned Israel that it should anticipate repercussions for the Palestinian fatalities and "war crimes" it has committed. In the past few days, the Iranian Foreign Minister has consulted with the governments of Iraq, Lebanon, and the leadership of Hezbollah, and is now planning to visit Syria.

American government bonds are becoming increasingly popular as a safe-haven asset, in addition to gold. Yesterday, the 10-year Treasury yield dropped 1.6% to 4.63%, following a sharp rise the day before.

On Friday, oil prices increased due to US sanctions and Iranian declarations, as reported by Bloomberg. Additionally, depletion forecasts are causing worries about the availability of oil.

On Thursday, the United States enacted its initial sanctions on tanker owners transporting Russian oil for more than the G7's $60-a-barrel limit, in an effort to shut down sanctions loopholes.

If the U.S. implements stricter regulations on Russia's oil exports, it could result in a decrease in production, as Russia is the second-largest oil producer and a major exporter in the world.

On Friday, gas prices in Europe hit a high of over $600 for the first time since February. In the span of a week, the prices had increased by more than 50%. This surge in prices was due to reports of a potential strike by Chevron liquefied natural gas plant workers in Australia and a temporary halt in production at the Tamar gas field in Israel. Analysts have predicted that the prices could reach as high as $1,000 by the end of the year.

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