Oil rises, US stock futures drop on turmoil in the Middle East
From CNN's David Goldman and Michelle Toh
Oil prices surged and US stock futures fell on Sunday night in their first reaction to Israel’s war with Hamas.
Although Israel is not a major oil producer, escalating tensions in the oil-rich Middle East spooked investors who have already been selling off oil in recent weeks.
On Sunday night, US oil prices surged 4% higher above $86 a barrel. Brent crude, the global benchmark, was also about 4%higher, trading around $88a barrel.
Stephen Innes, managing partner of SPI Asset Management, said the surge was likely due to a tendency among traders to take “a buy-first-ask-questions-later response to Middle East geopolitical escalations.”
“Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises,” he wrote in a note to clients Monday.
In the equity markets, US stock futures, which rose Friday on a surprisingly strong American job market report, fell sharply Sunday night.
Dow futures were down 200 points, or 0.6%. S&P 500 futures were down 0.7%. And Nasdaq futures were 0.7%lower.
Global investors fear prolonged tensions in the Middle East could hurt the fragile global economic recovery.
It's morning in Israel and Gaza. Catch up on the latest here
From CNN staff
A missile explodes in Gaza City during an Israeli air strike on Sunday. Mahmud Hams/AFP/Getty Images
The death toll is rising in Israel and Gaza as fighting rages between Israeli forces and Hamas militants and as more details emerge of the dead and those taken hostage.
Israel formally declared war on Hamas on Sunday after the Islamist militant group launched its deadly surprise assault on Saturday. Israel also cut power to Gaza — complicating medical care efforts as the densely-populated territory is pounded by Israeli airstrikes.
If you're just joining us, here's what you need to know:
Rising toll: More than 700 people have been killed in Israel, while more than 400 Palestinians have been killed, according to authorities. Some 2,300 others have been wounded in Gaza, with power cuts threatening "lives of hundreds of injuries and patients," said the Palestinian Ministry of Health in Gaza.
Music festival: Among the dead are atleast 260 people whose bodies were found at the site of an Israeli music festival, according to rescue teams. Hamas gunmen shot at fleeing attendees and took others hostage during the event Saturday near the Israel-Gaza border.
Hostages taken: Hamas is holding more than 100 Israeli hostages in Gaza, including high-ranking army officers, a spokesperson for the militant group claimed Sunday. In addition to Israeli captives, there are also other nationalities believed to be taken hostage, including Mexican and Brazilian nationals — complicating Israel's response to the Hamas attack.
Fighting ongoing: Israel has "severely degraded the capabilities" of Hamas as airstrikes on Gaza continued into early Monday, the Israel Defense Forces (IDF) said. Hamas claimed on Sunday that their forces are still present and conducting operations in Mavki'im in southern Israel, just north of Gaza. Hamas also said it had launched "a major missile attack" on the southern coastal city of Ashkelon, close to the Gaza border. CNN is unable to verify Hamas' claims. A spokesperson from Israel's military neither confirmed nor denied Hamas' claims, but said: "We're still fighting down south."
Meanwhile, in Tel Aviv: Loud explosions could be heard across central Israel and the suburbs of the city late Sunday, according to CNN teams on the ground. Hamas has claimed it is targeting Ben Gurion airport, Israel's international hub, which is located just outside Tel Aviv.
US sending jets: The US is sending a Navy carrier strike group to the eastern Mediterranean Sea, including guided missile destroyers and guided missile cruisers. The US is also positioning more fighter jets to the Middle East, as a deterrent to Hezbollah in Lebanon and other militant groups aligned against Israel, officials say. In response, Hamas accused the US of taking part in "aggression against Palestinian people."
Washington support: US lawmakers and Biden administration officials discussed increasing support for Israel at a briefing with House leadership on Sunday night, three people familiar with the call told CNN. Senior officials from the State and Defense Departments told lawmakers they are moving as quickly as they can to deliver weapons to Israel as part of already existing contracts, the sources said.
No UN action: The United Nations Security Council held an emergency meeting on Sunday — but no action was taken afterward. The Deputy US Ambassador to the UN said "not all" the member nations had condemned Hamas' attacks, but did not specify which. All 15 members need to vote unanimously for the UNSC to release a statement.
15 min ago
Hamas says US sending carrier strike group is "aggression against Palestinian people"
From CNN’s Eyad Kourdi
Islamist militant group Hamas on Sunday accused the United States of taking part in "aggression against Palestinian people" by sending a Navy carrier strike group to the eastern Mediterranean Sea.
"These movements do not frighten our people nor their resistance, which will continue to defend our people and our holy places," Hamas spokesperson Hazem Kassem said in a statement.
The Navy carrier strike group includes the USS Gerald R. Ford, a nuclear-powered aircraft carrier, accompanied by guided missile destroyers and guided missile cruisers.
The US is also positioning more fighter jets to the Middle East, as a deterrent to Hezbollah in Lebanon and other militant groups aligned against Israel, officials say.
1 hr 18 min ago
Hamas capabilities "severely degraded" in airstrikes, Israeli forces say
From CNN’s Hadas Gold in Jerusalem
Israel has "severely degraded the capabilities" of Palestinian militant group Hamas as airstrikes on Gaza continued into early Monday, the Israel Defense Forces (IDF) said.
The IDF said it targeted a structure that housed Hamas operatives and several of the group's operational command centers, including a three-floor command center.
The IDF also said it targeted:
A command center belonging to a senior Hamas naval forces operative, named as Mahmad Kashta
A Hamas operational asset in a mosque in the city of Jabalia
An intelligence asset and an additional asset used by Hamas
Israel has been pounding Gaza with airstrikes and formally declared war on Hamas Sunday following an unprecedented surprise attack by the militant group that began on Saturday. More than 400 Palestinians have died, according to the health ministry in Gaza, and medical care has been complicated by Israel cutting power to the territory.
Hamas claims to be holding more than 100 hostages, including Israeli army officers
From CNN's Eyad Kourdi and Jonny Hallam
Hamas fighters are holding more than 100 Israeli hostages in Gaza, including high-ranking army officers, a spokesperson for the militant group claimed Sunday.
In an interview with Arabic news outlet al-Ghad TV, Mousa Abu Marzouk, chief deputy of Hamas' political bureau, said the number of Israeli hostages "hasn't been counted yet but they are over a hundred."
Asked about the presence of Israeli army officers among the hostages, Marzouk said: "There are high-ranking officers."
Another Palestinian armed group, Islamic Jihad, on Sunday said it is holding at least 30 hostages in Gaza.
CNN is unable to verify the claims of Hamas and Islamic Jihad.
Israel authorities have said that dozens of Israelis are being held hostage in Gaza but have not confirmed exact numbers.
In addition to Israeli captives, there are several other nationalities believed to be taken hostage. Two Mexican nationals, a woman and a man, have “presumably” been taken hostage by Hamas, Mexico’s Foreign Minister Alicia Barcena said on Sunday. At least three Brazilian nationals are also missing, according to Brazilian authorities.
59 min ago
No UN Security Council action taken after emergency meeting
From CNN's Richard Roth and Samantha Beech in New York
Ambassador Riyad Mansour, Permanent Observer of the State of Palestine to the United Nations, arrives to speak to reporters during a press conference before the UN Security Council meeting on Sunday. Eduardo Munoz Alvarez/Getty Images
No action was taken following the United Nations Security Council emergency meeting on the situation in the Middle East, according to several Security Council members who spoke Sunday afternoon.
“I don’t want to get into what was really discussed in the briefing, but there are a good number of countries that condemned Hamas’ attacks," Deputy US Ambassador to the UN Robert Wood told reporters following the meeting. "They’re obviously not all (condemning the attacks), and I don’t really want to get into that. I think you can probably figure out one of them without me saying anything.”
Some context: The Security Council consists of 10 elected members, and five permanent members — China, the United States, France, the United Kingdom, and the Russian Federation. All 15 members would have needed to vote unanimously for any statement to emerge following the Security Council meeting.
More from the council: “The situation is still fluid and very dangerous,” Wood said.
He added officials are working hard to try to prevent the conflict from spreading through the region.
“It’s important that the global community condemn, strongly condemn, this unprovoked invasion and the terrorist attacks and activities that have taken place and are taking place,” Wood said.
When asked about the plight of Palestinians in the region, Wood said, “We condemn civilians who are hurt or killed anywhere in the world. That goes without saying. What’s important now is that the international community to show its solidarity with Israel."
Hamas should be condemned until they end their violent terrorist activity, he added.
59 min ago
Hamas says it launched a "major missile attack" on Ashkelon in southern Israel
From CNN's Jonny Hallam
Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza, as seen from Ashkelon, on Sunday. Amir Cohen/Reuters
Hamas, which earlier said it was targeting Ben Gurion International Airport, also said it had launched "a major missile attack with 100 rockets" on Ashkelon in southern Israel.
The rockets were fired at the coastal city in response to Israel Defense Forces "targeting of their safe houses," said the Izzedine al Qassam Brigades, the armed wing of the Palestinian militant group.
Ashkelon is not far north of the border with the Gaza Strip.
4 hr 1 min ago
Explosions heard in central Israel as Hamas claims to target Ben Gurion Airport
From CNN's Jonny Hallam and Eyad Kourdi
Loud explosions could be heard across central Israel and the suburbs of Tel Aviv late Sunday, according to CNN teams on the ground.
Hamas has claimed it is targeting the Ben Gurion International Airport, Israel’s international hub, which is located just outside Tel Aviv.
The Izzedine al Qassam Brigades, the armed wing of Hamas, said in a statement that the "missile barrage was in response to the continuing crimes and targeting of civilian homes."
Remember: Hamas launched an unprecedented surprise attack from Gaza on Saturday, leading Israel to declare war on the Palestinian militant group. Since then, Israel has bombarded Gaza with airstrikes, and Hamas has launched further attacks from the territory.
4 hr 13 min ago
At least 260 bodies found at music festival site in Israel after Hamas attack, rescue organization says
From CNN's Amir Tal in Jerusalem
At least 260 bodies have been found at the site of an Israeli music festival following Saturday's attack by Hamas, according to Israeli rescue service Zaka.
Hamas gunmen shot at fleeing attendees and took others hostage at the festival in a rural farmland area near the Gaza-Israel border, according to social media videos and accounts from festivalgoers.
The terrifying attack was just one of multiple locations hit on Saturday morning by the most sustained and coordinated assault inside Israel ever carried out by Hamas, the Palestinian militant group designated as a terror organization by the United States, European Union and Israel.
The outdoor Nova Festival event was supposed to be an all-night dance party, celebrating the Jewish holiday of Sukkot.
CNN's Paul P. Murphy, Allegra Goodwin, Benjamin Brown and Sharif Pagetcontributed reporting to this post.
Fighting in Israel is raging a day after Hamas fighters breached the border from Gaza in an unprecedented surprise attack. Officials say the death toll in Israel has passed 700.
Videos show the horror on the ground, including an attack on a music festival where Israeli rescuers say they found 260 people dead. Other clips show Israeli civilians taken hostage. Hamas claims it is holding more than 100 hostages, including Israeli army officers.
The full scale of the Israeli response remains unclear, but Prime Minister Benjamin Netanyahu has predicted a "long and difficult war," and a military spokesperson hinted the country may try to take full control of Gaza.
Oil prices surged and US stock futures fell on Sunday night in their first reaction to Israel’s war with Hamas.
Although Israel is not a major oil producer, escalating tensions in the oil-rich Middle East spooked investors who have already been selling off oil in recent weeks.
On Sunday night, US oil prices surged 4% higher above $86 a barrel. Brent crude, the global benchmark, was also about 4%higher, trading around $88a barrel.
Stephen Innes, managing partner of SPI Asset Management, said the surge was likely due to a tendency among traders to take “a buy-first-ask-questions-later response to Middle East geopolitical escalations.”
“Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises,” he wrote in a note to clients Monday.
In the equity markets, US stock futures, which rose Friday on a surprisingly strong American job market report, fell sharply Sunday night.
Dow futures were down 200 points, or 0.6%. S&P 500 futures were down 0.7%. And Nasdaq futures were 0.7%lower.
Global investors fear prolonged tensions in the Middle East could hurt the fragile global economic recovery.
A missile explodes in Gaza City during an Israeli air strike on Sunday. Mahmud Hams/AFP/Getty Images
The death toll is rising in Israel and Gaza as fighting rages between Israeli forces and Hamas militants and as more details emerge of the dead and those taken hostage.
Israel formally declared war on Hamas on Sunday after the Islamist militant group launched its deadly surprise assault on Saturday. Israel also cut power to Gaza — complicating medical care efforts as the densely-populated territory is pounded by Israeli airstrikes.
If you're just joining us, here's what you need to know:
Rising toll: More than 700 people have been killed in Israel, while more than 400 Palestinians have been killed, according to authorities. Some 2,300 others have been wounded in Gaza, with power cuts threatening "lives of hundreds of injuries and patients," said the Palestinian Ministry of Health in Gaza.
Music festival: Among the dead are atleast 260 people whose bodies were found at the site of an Israeli music festival, according to rescue teams. Hamas gunmen shot at fleeing attendees and took others hostage during the event Saturday near the Israel-Gaza border.
Hostages taken: Hamas is holding more than 100 Israeli hostages in Gaza, including high-ranking army officers, a spokesperson for the militant group claimed Sunday. In addition to Israeli captives, there are also other nationalities believed to be taken hostage, including Mexican and Brazilian nationals — complicating Israel's response to the Hamas attack.
Fighting ongoing: Israel has "severely degraded the capabilities" of Hamas as airstrikes on Gaza continued into early Monday, the Israel Defense Forces (IDF) said. Hamas claimed on Sunday that their forces are still present and conducting operations in Mavki'im in southern Israel, just north of Gaza. Hamas also said it had launched "a major missile attack" on the southern coastal city of Ashkelon, close to the Gaza border. CNN is unable to verify Hamas' claims. A spokesperson from Israel's military neither confirmed nor denied Hamas' claims, but said: "We're still fighting down south."
Meanwhile, in Tel Aviv: Loud explosions could be heard across central Israel and the suburbs of the city late Sunday, according to CNN teams on the ground. Hamas has claimed it is targeting Ben Gurion airport, Israel's international hub, which is located just outside Tel Aviv.
US sending jets: The US is sending a Navy carrier strike group to the eastern Mediterranean Sea, including guided missile destroyers and guided missile cruisers. The US is also positioning more fighter jets to the Middle East, as a deterrent to Hezbollah in Lebanon and other militant groups aligned against Israel, officials say. In response, Hamas accused the US of taking part in "aggression against Palestinian people."
Washington support: US lawmakers and Biden administration officials discussed increasing support for Israel at a briefing with House leadership on Sunday night, three people familiar with the call told CNN. Senior officials from the State and Defense Departments told lawmakers they are moving as quickly as they can to deliver weapons to Israel as part of already existing contracts, the sources said.
No UN action: The United Nations Security Council held an emergency meeting on Sunday — but no action was taken afterward. The Deputy US Ambassador to the UN said "not all" the member nations had condemned Hamas' attacks, but did not specify which. All 15 members need to vote unanimously for the UNSC to release a statement.
Islamist militant group Hamas on Sunday accused the United States of taking part in "aggression against Palestinian people" by sending a Navy carrier strike group to the eastern Mediterranean Sea.
"These movements do not frighten our people nor their resistance, which will continue to defend our people and our holy places," Hamas spokesperson Hazem Kassem said in a statement.
The Navy carrier strike group includes the USS Gerald R. Ford, a nuclear-powered aircraft carrier, accompanied by guided missile destroyers and guided missile cruisers.
The US is also positioning more fighter jets to the Middle East, as a deterrent to Hezbollah in Lebanon and other militant groups aligned against Israel, officials say.
Israel has "severely degraded the capabilities" of Palestinian militant group Hamas as airstrikes on Gaza continued into early Monday, the Israel Defense Forces (IDF) said.
The IDF said it targeted a structure that housed Hamas operatives and several of the group's operational command centers, including a three-floor command center.
The IDF also said it targeted:
A command center belonging to a senior Hamas naval forces operative, named as Mahmad Kashta
A Hamas operational asset in a mosque in the city of Jabalia
An intelligence asset and an additional asset used by Hamas
Israel has been pounding Gaza with airstrikes and formally declared war on Hamas Sunday following an unprecedented surprise attack by the militant group that began on Saturday. More than 400 Palestinians have died, according to the health ministry in Gaza, and medical care has been complicated by Israel cutting power to the territory.
Hamas fighters are holding more than 100 Israeli hostages in Gaza, including high-ranking army officers, a spokesperson for the militant group claimed Sunday.
In an interview with Arabic news outlet al-Ghad TV, Mousa Abu Marzouk, chief deputy of Hamas' political bureau, said the number of Israeli hostages "hasn't been counted yet but they are over a hundred."
Asked about the presence of Israeli army officers among the hostages, Marzouk said: "There are high-ranking officers."
Another Palestinian armed group, Islamic Jihad, on Sunday said it is holding at least 30 hostages in Gaza.
CNN is unable to verify the claims of Hamas and Islamic Jihad.
Israel authorities have said that dozens of Israelis are being held hostage in Gaza but have not confirmed exact numbers.
In addition to Israeli captives, there are several other nationalities believed to be taken hostage. Two Mexican nationals, a woman and a man, have “presumably” been taken hostage by Hamas, Mexico’s Foreign Minister Alicia Barcena said on Sunday. At least three Brazilian nationals are also missing, according to Brazilian authorities.
Ambassador Riyad Mansour, Permanent Observer of the State of Palestine to the United Nations, arrives to speak to reporters during a press conference before the UN Security Council meeting on Sunday. Eduardo Munoz Alvarez/Getty Images
No action was taken following the United Nations Security Council emergency meeting on the situation in the Middle East, according to several Security Council members who spoke Sunday afternoon.
“I don’t want to get into what was really discussed in the briefing, but there are a good number of countries that condemned Hamas’ attacks," Deputy US Ambassador to the UN Robert Wood told reporters following the meeting. "They’re obviously not all (condemning the attacks), and I don’t really want to get into that. I think you can probably figure out one of them without me saying anything.”
Some context: The Security Council consists of 10 elected members, and five permanent members — China, the United States, France, the United Kingdom, and the Russian Federation. All 15 members would have needed to vote unanimously for any statement to emerge following the Security Council meeting.
More from the council: “The situation is still fluid and very dangerous,” Wood said.
He added officials are working hard to try to prevent the conflict from spreading through the region.
“It’s important that the global community condemn, strongly condemn, this unprovoked invasion and the terrorist attacks and activities that have taken place and are taking place,” Wood said.
When asked about the plight of Palestinians in the region, Wood said, “We condemn civilians who are hurt or killed anywhere in the world. That goes without saying. What’s important now is that the international community to show its solidarity with Israel."
Hamas should be condemned until they end their violent terrorist activity, he added.
Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza, as seen from Ashkelon, on Sunday. Amir Cohen/Reuters
Hamas, which earlier said it was targeting Ben Gurion International Airport, also said it had launched "a major missile attack with 100 rockets" on Ashkelon in southern Israel.
The rockets were fired at the coastal city in response to Israel Defense Forces "targeting of their safe houses," said the Izzedine al Qassam Brigades, the armed wing of the Palestinian militant group.
Ashkelon is not far north of the border with the Gaza Strip.
Loud explosions could be heard across central Israel and the suburbs of Tel Aviv late Sunday, according to CNN teams on the ground.
Hamas has claimed it is targeting the Ben Gurion International Airport, Israel’s international hub, which is located just outside Tel Aviv.
The Izzedine al Qassam Brigades, the armed wing of Hamas, said in a statement that the "missile barrage was in response to the continuing crimes and targeting of civilian homes."
Remember: Hamas launched an unprecedented surprise attack from Gaza on Saturday, leading Israel to declare war on the Palestinian militant group. Since then, Israel has bombarded Gaza with airstrikes, and Hamas has launched further attacks from the territory.
At least 260 bodies have been found at the site of an Israeli music festival following Saturday's attack by Hamas, according to Israeli rescue service Zaka.
Hamas gunmen shot at fleeing attendees and took others hostage at the festival in a rural farmland area near the Gaza-Israel border, according to social media videos and accounts from festivalgoers.
The terrifying attack was just one of multiple locations hit on Saturday morning by the most sustained and coordinated assault inside Israel ever carried out by Hamas, the Palestinian militant group designated as a terror organization by the United States, European Union and Israel.
The outdoor Nova Festival event was supposed to be an all-night dance party, celebrating the Jewish holiday of Sukkot.
