Crypto Market Stable, Oil Prices Surge as Hamas Attack on Israel Jolts Markets

Bitcoin (BTC) and ether (ETH) showed signs of resilience even as broader equity markets slid and oil prices rose as traders reacted to rising turmoil in the Middle East.

Bitcoin and ether were little changed with a small 0.2% decline in the past 24 hours. XRP fell 1.3%, while Cardano’s ADA rose 0.4%. The CoinDesk Market Index (CMI) slipped 0.19%, pointing to slight losses among a diversified basket of token holdings.

The Israel-Hamas conflict extended to its third day on Monday after Palestinian militants Hamas first fired missiles into Israel on early Saturday. Fears of the conflict spilling over to neighboring states, such as Iran, seemed to impact oil prices as traders opined it could disrupt supply.

“There could be “a pretty dramatic effect on the oil market” should the U.S. enforce sanctions on Iranian exports, Josh Young, chief investment officer of energy investment firm Bison Interests told CNBC. “I think it’s appropriate to see oil, let’s say, up about $5 for WTI.”

Crude Oil WTI rose 3.23% since Sunday, MarketWatch data shows, extending three-month gains to 16%. Elsewhere, Brent Crude Oil rose nearly 3.5%.

Equity markets in Asia traded lower after Monday’s open. India’s Sensex slipped 0.69%, Shanghai Composite lost 0.44%, while the Singapore Straits Times Index fell 0.2%. Premarket futures in the U.S. pointed to losses, with the Dow Jones Index losing 0.77% and tech-heavy Nasdaq 100 slumping 0.86%.