SPRINGFIELD, Mass. (WWLP) – The Israeli-Hamas conflict has raised international concern over global economic fallout.
Both the Israeli and U.S. stock markets saw a shift with shares plummeting in Israel and defense stocks going up Monday morning in the United States. The intensity of the economic strain depends on a few factors, like how long this war goes on and if it spreads to other regions, which include major oil producers.
22News spoke with Mark Teed of Raymond James Financial, who said oil prices are currently the major economic concern, “Well the most important thing right now is the human toll, and that’s horrible. It’s really the oil prices that will show first and all of a sudden oil prices are up, defense stocks are up. But that’s a region that’s doing tremendous amounts of technology business. That will put a chill on things.”
Israel and Palestine are not major oil producers themselves but the concern falls on how close the conflict lies to those surrounding nations that are.
Though local gas prices have been on the decline locally and nationally, this conflict has the potential to reverse that trend if it continues to intensify.