Conflict in Israel Impacting Economy

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Following the unexpected conflict in Israel, oil prices witnessed a sharp rise, reflecting the escalating tensions in the Middle East. With US crude futures momentarily surpassing $87 a barrel – a surge of 5.4% overnight – market unpredictability has intensified, especially considering the recent volatility in oil prices. While in late September, Brent crude was on track to hit $100 a barrel due to reductions in supply from major producers Saudi Arabia and Russia, those gains were wiped out amidst concerns of a potential global recession and reduced consumption. Despite Israel's non-central role in the global oil supply chain, the ongoing conflict could strain relations between the US and Iran, a country that has recently played a key role in balancing oil markets with its supplementary crude oil, particularly in light of supply constraints from other major producers. A potential re-imposition of US sanctions on Tehran could curtail this essential supply, further exacerbating the oil market's upward trajectory.

2. Intel is contemplating a public listing for its adaptable chip division within the next three years, hot on the heels of its recent divestiture of the Mobileye self-driving segment. While open to private financing, Intel intends to keep the lion's share of this enterprise. This move dovetails with Intel's blueprint of fiscal prudence while tapping into the burgeoning appetite for field programmable gate arrays (FPGAs) - a class of chips lauded for their adaptability and superior energy conservation compared to traditional processors. Despite touting three back-to-back record quarters for this division in July, Intel kept the actual revenue figures under wraps.

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4. Headlines

   1. The bottom 80% of income earners in the US currently have less savings than they did when the pandemic began.

   2. 4,000 more workers from the UAW joined the strike yesterday.

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