On December 9, 2024, global stock markets reacted to the recent ousting of Syrian President Bashar Assad, which has led to a notable increase in oil prices. Following Assad's defeat, oil prices rose by approximately 2%, with U.S. crude oil reaching $68 per barrel, a significant increase from earlier months when prices peaked at $87 in April 2024. Although Syria is not a major oil producer, its strategic location in the Middle East and the regime's previous ties to Iran, a key oil exporter, have raised concerns about potential disruptions in oil supply due to regional unrest. [22e03daf]
In Europe, France's CAC40 gained 0.3% to reach 7,448.45 points, while Germany's DAX fell by 0.3% to 20,322.32 points. The UK’s FTSE 100 saw a slight increase of 0.2%. Meanwhile, futures for the S&P 500 dipped by 0.1%, and Dow futures remained unchanged. Asian markets displayed varied performances; Hong Kong's Hang Seng index surged by 2.8% to 20,414.09, while South Korea's Kospi dropped by 2.8% to 2,360.58 amid ongoing political tensions. Japan's Nikkei 225 rose by 0.2% to 39,160.50, reflecting a stable investor sentiment in the region. [a38354fa]
Despite Syria's immediate impact on U.S. oil prices being minimal, experts warn that further instability in the region could lead to significant price shocks. The unemployment rate in the U.S. has edged up to 4.2%, and Bitcoin has reached nearly $98,300, indicating continued interest in cryptocurrency. The euro was trading at $1.0583, while the dollar stood at 150.44 yen. Analysts are closely monitoring how these geopolitical shifts will affect global economic stability and oil supply. [22e03daf][a38354fa]
