Middle East Tensions Impact Oil Prices and European Stocks

Oil prices surged by 2% and stocks remained steady following an explosion at a Gaza hospital, which complicated diplomatic efforts to resolve the Israel-Hamas conflict. Gold prices rose as investors sought safe-haven assets. President Joe Biden arrived in Israel, but a summit with leaders from Jordan, Egypt, and the Palestinian Authority was canceled. Traders also analyzed data showing higher-than-expected UK inflation, leaving room for a potential rate hike by the Bank of England. In Asia, China's property developers faced a decline, and Country Garden Holdings Co. signaled its first-ever default.