Trending tickers: Oil | Gold | Lockheed Martin | IAG

tickers An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. REUTERS/Liz Hampton
Oil prices were in the spotlight as fears that the fighting between Israel and Hamas could envelop other regions in the middle east rise. Photo: Liz Hampton/Reuters


Oil prices were in the spotlight on Monday as crude and brent crude head higher on fears that the fighting between Israel and Hamas could envelop other regions in the middle east.

Brent crude (BZ=F) was up 3.5% by midday in London to trade at $87.59 (£71.96) a barrel, while crude, or West Texas Intermediate (CL=F), was 3.8% higher.

Read more: LIVE: FTSE up, oil rises as Israel-Gaza conflict leaves 1,100 dead

While analysts have noted that Israel is not an oil producing nation so current movements could have a minimal impact, if the conflict spreads as much as 20% of the world's oil output could be in the firing line.

Gold (GC=F)

Gold was up around 1% as investors head to safe haven assets to shelter their money from volatility caused by the shocks in Israel. Prices were around $1,860 as of 11.45am in London.

The commodity started to rally on Friday after having touched its lowest point since March, when it was hampered by signals from the Federal Reserve that it would keep monetary policy tight.

The dollar was also up on Monday against the pound (GBP=X) and euro (EUR=X) for the same reason — a flight to safety.

Lockheed Martin (LMT)

Aerospace and defence company Lockheed Martin is usually among winners when conflict escalates and Monday's price action is set to be no different.

Futures markets show it is set to rise 4.8% at the open in the US later on Monday as Hamas and Israel continue to fight.

On Friday, the company's board of directors has authorised a fourth quarter 2023 dividend of $3.15 per share and the buyback of up to an additional $6bn of Lockheed Martin common stock.


International Consolidated Airlines Group, the owner of British Airways, was among airline stocks losing value on Monday due to worries about how the conflict in Israel would affect international travel.

Its price was down by around 4.5% by midday in London.

Ryanair (RYA.IR) and Wizz Air (WIZZ.L) also fell 2% and 4% respectively.

Watch: Israel battles Hamas, masses near Gaza after attack 'like 9/11'

Download the Yahoo Finance app, available for Apple and Android.