📈🚨 Crude Oil Jumps 2% After Iran Missile Attack

Hala,

💰 Elon Musk could be the world’s first trillionaire by 2027 with his fortune growing 110% annually.(1) At this rate, his wallet might need its own zip code! 😄

amana’s take

• Bitcoin ETFs saw a major shakeup on October 1, with $243 million in outflows — the largest in nearly a month. This put the brakes on an eight-day inflow streak that had racked up $494 million. Leading the charge out? Fidelity Wise Origin Bitcoin Fund with $144.7 million, and ARK 21Shares Bitcoin ETF with $84.3 million.
• As tensions flared in the Middle East, Bitcoin took a nosedive, dropping nearly $4,000 to hit a two-week low of $60,315, before bouncing back slightly. The question hanging in the air: Is Bitcoin really the “digital gold” everyone thought it was?
• While Bitcoin was bleeding, gold was laughing its way to the bank with gains. The recent market turbulence has sparked fresh debate on whether Bitcoin can truly compete with traditional safe-haven assets like gold during times of geopolitical uncertainty.

Stock Market Update

📉↘️ US stocks hit reverse on Tuesday as escalating tensions in the Middle East threw cold water on the market’s post-quarter party. The Dow slipped 0.41% to 42,156.97, the S&P 500 fell 0.93% to 5,708.75, and the Nasdaq 100 lost 1.43% to 19,773.30.(2) Looks like Wall Street just lost its groove. ⬇️⏬

📊⏸️ Similarly, most Gulf markets dipped, largely for the same reason. Abu Dhabi slid 0.2% to 9,406, and Dubai shed 0.6% to 4,477.(3) 🔻🔽

🌍🛢️ Oil Prices Surge Amid Middle East Tensions

Crude oil prices jumped over 2% on Tuesday following Iran’s missile attack on Israel, raising concerns about further escalation in the region.(4) With tensions flaring, the global oil market is reacting to the potential impact on supply lines, as traders weigh the risks of a broader conflict. The price of West Texas Intermediate (WTI) crude climbed, signaling increased volatility as the situation develops.

📊📈 Key Market Figures:

• West Texas Intermediate (WTI): $69.83 per barrel, up 2.44%
• Brent: $73.56 per barrel, up 2.59%
• RBOB Gasoline: $1.9666 per gallon, up 1.63%
• Natural Gas: $2.896 per thousand cubic feet, down 0.92%
• Iran’s Oil Output: Producing over 3M barrels per day, its highest in five years

🇮🇷🇮🇱 Rising Concerns Over Regional Conflict

As tensions between Iran and Israel continue to rise, the focus is on how the conflict could affect oil production and infrastructure in the Middle East. Analysts caution that any further escalation could lead to disruptions in oil supplies, adding pressure to global energy markets. With key energy players watching closely, the world is bracing for the potential economic fallout from the region’s instability.

Closer to Home

• 💰 Abu Dhabi’s oil giant ADNOC is snapping up German chemicals titan Covestro for €14.7B ($16.4B) in a bold move to boost its global footprint. Covestro’s CEO calls it “unprecedented.”(5) ADNOC’s playing big! 💸
• 🛒 Lulu Group is sticking to a solo listing on the Abu Dhabi Exchange, dropping Tadawul for now due to regulatory hurdles. This $1.5 billion deal is set to be one of the UAE’s biggest. Lulu’s staying local, but Saudi’s still in the mix!(6) 👛
• 🏦 Dubai Financial Market (DFM) leads the GCC with a 10.9% gain so far in 2024 and a 4.1% rise in September alone. Top weighted indices include Financials, Real Estate, and Communications Services.(7) Way to go, DFM! 🎉

What Else Is Trending

• 📲 The US labor board accused Apple of violating worker rights with unlawful policies. Apple denies the claims, but the case heads to a judge in January if not settled.(8) Looks like Apple has more than a code to debug! 👀
• 🪙 Meanwhile, cryptos stumbled on Tuesday, with Bitcoin slipping 4% to $60,972 and Ether shedding 5% to $2,449.83. Even Coinbase and MicroStrategy felt the chill as Mideast tensions cooled risk appetite.(9) Talk about a rough start to the month! 📉
• ✨ Lastly, gold prices rose driven by safe-haven demand, but Fed signals kept a lid on it. Spot gold glimmered 0.5% to $2,647.01.(10) 🌟

💬Quote of the Day

“Missile attack on Israel signals that widely feared regional conflict has ignited.” — Julian Borger, the Guardian’s world affairs editor in London

Check out now: https://amana.app/interest

amana.app

Sources:(1) CNN, (2) (4) (5) (9) CNBC, (3) Reuters, (6) (7) (8) (10) Zawya