Oil prices around the world soar following Operation Al-Aqsa Flood
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Global equity markets experienced a shake ever since the launch, even though energy firms were given a push by higher oil prices, giving them higher profits.
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Fire and smoke rise above buildings in Gaza City during an Israeli airstrike on October 8, 2023 (AFP)
The world witnessed oil prices skyrocket on Monday following the launch of Operation Al-Aqsa Flood, with benchmark oil contracts of Brent and WTI soaring over 5% in Asian deals before gradually easing back.
Global equity markets have been experiencing a shake ever since the launch, even though energy firms were given a push by higher oil prices, which in turn gave them higher profits.
Currencies like the dollar, yen, and Swiss franc, in addition to gold, have seen support while benefiting from their status as a haven investment during severe geopolitical turmoil.
The current events in the region have triggered fear with regard to inflation and spiked prices with central banks trying to soothe interest rate hikes to avoid recessions.
The occupation's economy under the rubble
For the first time, the Bank of Israel intends to sell foreign exchange and provide dollar liquidity to local lenders after it allowed the shekel to trade freely as part of an unanticipated move to support markets following Operation Al-Aqsa Flood.
Read next: Al-Qassam reveals locally manufactured missile used in operation
According to a statement on Monday, as reported by Bloomberg, as much as $30 billion will be sold, which may extend up to $15 billion through swap mechanisms, with the end goal being to smooth out volatility in the currency's exchange rate and provide the necessary liquidity.
The Shekel plunges
At the open and after the launch of Hamas' Operation Al-Aqsa Flood, "Israel’s" currency shortly erased losses after plunging as much as 2% and then traded 1.6% weaker at 3.9099 per dollar as of this morning.
The occupation's shekel currency faced big losses this year, according to data by Bloomberg, among 31 major currencies.
As of this morning, the IOF stated that the points of conflict between the IOF and Hamas remain ongoing in seven to eight locations around the Gaza Strip.
Earlier, Al Mayadeen's correspondent reported that the Israeli occupation forces waged brutal and indiscriminate airstrikes on the Gaza Strip using thermobaric weapons, not to mention phosphorus bombs, which are banned under international law.
