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The threat of an Iranian attack on Israel raises oil and gold prices.

Date: July 18, 2024 Time: 04:58:44

The markets have reacted today to the possibility of an escalation in the conflict between Iran and Israel with increases in several prices during this Friday’s session. The threat of an Iranian attack on Israel has also raised tensions among investors, with increases in oil, gold and sovereign bonds.

Crude oil prices have hit their highest level in months, reaching highs they have not reached since last October. During trading on Friday, oil rose more than 2% in price.

Specifically, a barrel of Brent, which is used as a reference in Europe, has exceeded $92 at 5 p.m., after experiencing an advance of 2.5%. West Texas Intermediate (WTI), the benchmark crude oil in the United States, rose 2.4% at the same time, to $87.5 per barrel.

The price of gold, one of the safe haven assets in times of uncertainty, has chained several all-time highs during the session. The highest level, $2,420.24, was reached at 4:20 p.m., according to Bloomberg data.

Sovereign bonds are also rising in price, which is causing a decline in their yields (which are evolving in the opposite direction). The yield on the ten-year Spanish bond, the benchmark, drops to 3.163%, while that of the German bond, considered the safest, falls to 2.34%. The yield on the US ten-year bond falls to 4.495%.

The United States takes a stand with Israel

From the US, the spokesman for the White House National Security Council, John Kirby, said today that Iran’s threats against Israel are “credible.” Israel’s Defense Minister, Yoav Gallant, highlighted this Friday the increasingly closer ties with the United States after meeting with the head of the United States Central Command (CENTCOM), General Michael Erik Kurilla, and on the eve of a Iran’s possible response to the attack on its consulate in Syria.

“Our enemies think they can separate Israel and the United States, but it is the opposite. They are uniting us and strengthening our ties. We stand shoulder to shoulder,” Gallant stressed after the meeting with Kurilla, with whom he has been talking about how Prepare for a possible Iranian attack.

“I am sure that the world sees the true face of Iran, the terrorist group that promotes attacks throughout the Middle East, that finances Hamas, Hezbollah and other forces and now also threatens the State of Israel,” he said. As Gallant and the main Israeli authorities had already done, he has once again stressed that they are prepared to defend themselves “by land and air, in close cooperation” with their partners. “We will know how to respond,” he warned.

Last week, an attack attributed to Israel hit the Iranian Consulate in Damascus, the capital of Syria, leaving at least fifteen dead, including senior military commanders of Iran’s Revolutionary Guard. Tehran has since warned that it reserves the right to respond, as fears of an imminent offensive have grown in recent days.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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