SINGAPORE (AFP): Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East.
Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later.
Traders are keeping a fearful eye on developments in the Middle East as Israel presses on with its bombing of Gaza after Hamas militants killed at least 1,400 people in Israel on October 7.
The likelihood of a Middle East war has sent oil prices surging and both contracts extended the week’s gains Friday, rising almost one per cent in Asian trade.
“The risk premium in crude has shot up again,” said Vandana Hari, of Vanda Insights. “As long as the Israel-Hamas tensions run high, crude will remain susceptible to further spikes on signs of an escalation.”
Meanwhile, traders are wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation.
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