Middle East tensions impact global markets: Oil prices fall, gold shines, and stock markets brace for impact

Oil prices fell on Monday, partially reversing Friday's rally, as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy. Brent futures slid 0.4% to $90.55 per barrel, and U.S. West Texas Intermediate (WTI) crude dropped 0.5% to $87.28 a barrel. The conflict poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year, with concerns about potential escalation involving Iran. Market participants are assessing the implications for oil supplies from countries in the top oil-producing region, including Saudi Arabia, Iran, and the United Arab Emirates.