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BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

Oil prices around the world soar following Operation Al-Aqsa Flood

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Oct 2023 16:52
  • 6 Shares
2 Min Read

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)
    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

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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.

  • Palestine
  • Operation Al Aqsa Flood
  • Gaza
  • Oil prices

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