Finance
Instant View: Oil spikes, gold touches fresh record after Israel strikes in Qatar
Published by Global Banking and Finance Review
Posted on September 9, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 9, 2025
2 min readLast updated: January 22, 2026
Oil prices surged and gold hit a record high following Israeli strikes in Qatar, escalating regional tensions and impacting global markets.
LONDON (Reuters) - Investors snapped up traditional safe-haven assets on Tuesday, sending gold briefly to a new record high, after the Israeli military said it carried out an attack on Hamas leadership in Qatar, marking an escalation of the conflict in the region.
The Japanese yen held on to the day's gains, while the price of oil jumped by around $1 to $67 a barrel .
COMMENTS:
JANE FOLEY, HEAD OF FX STRATEGY, RABOBANK, LONDON:
"It's difficult at this stage for the markets to examine this particular geopolitical risk in the context of the risk that is already on the table. Clearly there is a possibility that there is an escalation but I think the market will be fairly cautious about making that assumption until more details are known."
MICHAEL BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON:
"The immediate reaction of a spike in crude benchmarks and some further upside in spot gold makes considerable sense."
"It seems unlikely that there will be any significant retaliation from the strikes, especially amid reporting that the U.S. gave their backing for them to take place, while Qatar's immediate response gives no indication that they are seeking to retaliate, or escalate tensions further."
"I'd expect the rally in crude to fade relatively rapidly, as we've tended to see with geopolitically-induced gains over the last few months, as focus the dust settles, calmer heads prevail, and focus returns to the fundamentals of an already-oversupplied market, into which OPEC+ are adding even more barrels from the start of next month."
CARLO FRANCHINI, HEAD OF INSTITUTIONAL CLIENTS, BANCA IFIGEST, MILAN:
"Targeting countries that are trying to mediate is far from ideal at this moment. Stock markets aren't reacting much, but gold is: it's at an all-time high. Things appear to be taking a turn for the worse.
(Reporting by EMEA Markets Team; Editing by Libby George)
Gold briefly reached a new record high as investors sought traditional safe-haven assets following the Israeli military's attack.
The price of oil jumped by around $1 to $67 a barrel in response to the strikes, reflecting immediate market reactions to geopolitical tensions.
Experts suggest that the rally in crude oil prices may fade quickly, as has been observed with previous geopolitically-induced gains, once market focus shifts.
Market experts express caution, noting that while gold is at an all-time high, the overall stock market has not reacted significantly to the strikes.
Reports indicate that the U.S. backed the Israeli military actions, which may influence the geopolitical landscape and market reactions.
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