Oil prices, defence stocks rise as Israel-Hamas conflict rattles markets

Energy prices rose on fears tensions between Hamas and Israel could escalate further after the weekend's surprise attack. (Image: Getty)

The Wall Street Journal

Tue, 10 Oct 2023

By Eric WallersteinOil prices and defence stocks climbed Monday after the worst attack on Israel in decades shook financial markets.Concerns that the Israel-Hamas war would escalate into a broader conflict in the Middle East that limits oil supply sent energy prices higher. Brent crude futures, the global benchmark for oil, added 4.2%. West Texas Intermediate rose 4.3% to US$86.38 (NZ$143.26) a barrel.Shares of defence contractors jumped as well. Lockheed Martin gained 8.9%, and Northrop Grumman climbed 11%, both posting their best days since M...

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