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The conflict in the Israel-Gaza region has been a major factor influencing global markets, triggering a 4.3% hike in U.S benchmark oil prices to $86.38 per barrel. This situation has led to concerns over potential disruptions to Middle Eastern crude supplies.
Despite the geopolitical tensions and rising oil prices, investors sought safety in assets such as gold and the U.S dollar on Monday. This move towards safer assets was particularly noticeable given that the Treasury market was closed for Columbus Day and Indigenous Peoples Day, leading to an absence of usual safe-haven government bonds for investors to turn to.
This unexpected rise in U.S stocks amidst escalating geopolitical tensions and surging oil prices underscores the resilience of the market in navigating through complex global events.
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