As fighting broke out over the weekend between Israel and Hamas, global stock markets took a knock today. As a result of the fighting, oil and precious metals have risen in price, while emerging equities and #cryptocurrency have fallen.
Along with worries over the Ukraine-Russia conflict, skyrocketing inflation, and rising interest rates, the financial markets now have to deal with these additional obstacles. 
The Global Stock Market Feels the Burn of the Israel-Hamas Conflict
The S&P 500, Dow Jones, Nasdaq, and Wilshire 5000 were all down early today, along with the rest of the major U.S. market indices. Although the indexes ended the week on a high note, things have turned sour with the outbreak of hostilities between Israel and Hamas.
The Bank of Israel declared its intention to sell up to $30 billion in foreign currency in response to the crisis, with the aim of preserving market stability. The value of the 2120 Hundred Year Bond, issued by the Israeli government, fell to a historic low of 5.3 cents on the dollar.
Gains in Oil and Metals Drive Commodity Price Increases
Traditional havens amid international instability have been oil and precious metals. The present battle between Israel and Hamas follows this pattern. The significant increases in the prices of U.S. crude oil and Brent have wider ramifications.
An increase of 6 million BPD over last year's estimates means that OPEC's projected output of 116 million BPD by 2045 is now more realistic. On the first day of the Middle East and North Africa Climate Week in Riyad on Sunday, Saudi Arabia's energy czar Prince Abdulaziz bin Salman underlined OPEC's "precautionary approach." There has been talk of cutting oil production even further as the conflict between Israel and Hamas continues to escalate.
"The shocking attacks in Israel have sent the price of oil soaring," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. "Investors are assessing the potential for the conflict to disrupt supply in the Middle East if other countries are drawn in."
The conflict between Israel and Hamas has the potential to affect oil supply networks throughout the world, leading to higher prices and adding to inflationary pressures in countries around the world.
The Value of currencies Falls as Global Markets Collapse
In spite of the widespread belief that crypto is equivalent to "digital gold," its poor performance during the Israel-Hamas war belies this.

The value of all cryptocurrencies, as measured by their market caps, fell by 2.04% against the dollar. #bitcoin and #Ethereum , two of the most popular cryptocurrencies, both fell in value versus the US dollar during early trade, with Bitcoin falling by 1.7% and Ethereum falling by 2.46%.
According to geopolitical expert Tina Fordham, quoted by Reuters, "Typically the most sensitive asset classes to geopolitical risk are emerging markets, commodities, and currencies—and, true to form, we've seen hits in all of those areas."
The battle has repercussions on the value of many currencies. The shekel, Israel's currency, fell substantially versus the dollar, which strengthened by 2.96 percent to 3.952 shekels. Gold's price, which is seen as a safe haven, increased by almost 1.39 percent to reach $1,858 an ounce. At 3:00 p.m. (ET), silver prices rose by 1.23 percent.
The vulnerability of global financial markets to geopolitical events has been thrown into sharp view by the Israel-Hamas war. Long-term ramifications are uncertain, but immediate financial repercussions are clear across asset classes.