07.08.2024 11:27
Markets in the Middle East tumbled amid expectations of an Iranian attack on Israel
Middle East stock markets fell amid concerns that Iran could attack Israel in the coming days. U.S. Secretary of State Anthony Blinken told his G-7 colleagues that Iran and its ally Hezbollah could attack Israel within 48 hours.
The TA-35 index, a barometer of the Israeli stock market, fell by 3.1 percent. This is the lowest reading since February. The index fell 3.3 percent last week, its biggest weekly loss since October last year.
The shekel, Israel's currency, also fell 1 percent against the dollar to a nearly nine-month low. The Israeli currency has been falling for the sixth day in a row. The Egyptian pound is trading at a five-month low, down 1.6 percent against the dollar.
Concerns about the attack also weighed on oil prices, sending oil futures to seven-month lows. Saudi Arabia's January 2054 dollar bonds fell for the first time in 7 days. Saudi Arabia's Tawadul index and Egypt's Hermes benchmark lost 3.7 percent and 5.8 percent, respectively.