Stock market today: Markets steady in Asia after Israel declares war following Hamas attack in Gaza

BY ELAINE KURTENBACH

BANGKOK (AP) — Share prices were mixed on Monday after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip.

U.S. futures were lower and oil prices gained more than $3 a barrel.

Conflict in the Middle East often raises the specter of higher oil prices given the risk of disruptions to supplies.

“Disruptions or escalations in the region can have far-reaching implications for energy markets, global supply chains, and geopolitical dynamics,” Stephen Innes of SPI Asset Management said in a commentary.

The fighting has not yet had any discernible impact on oil output, but geopolitical escalations in the Middle East typically lead to a “buy-first-ask-questions-later” response, he said.

Oil prices had eased back from highs of the mid $90 range last month in recent trading, falling sharply last week. Early Monday, U.S. benchmark crude oil was up $3.28 at $86.05 per barrel