Last Updated on 13 mins by Goran Radanovic

On Monday morning, the U.S. pre-market futures took a dip, and Asian stock indexes followed suit, responding to the escalating tensions in the Middle East caused by the Israel-Hamas conflict. In contrast, Bitcoin (BTC) and Ethereum (ETH) displayed remarkable resilience, despite the broader equity markets’ downturn. Additionally, oil prices surged as traders reacted to the growing turmoil in the region.

Over the past 24 hours, both Bitcoin and Ethereum experienced minimal changes, with a marginal 0.2% decline in their prices. Meanwhile, XRP saw a 1.3% decrease, and Cardano’s ADA witnessed a modest 0.4% increase. The CoinDesk Market Index (CMI) edged down by 0.19%, indicating slight losses in a diverse array of token holdings.

The Israel-Hamas conflict entered its third day on Monday, initiated by Palestinian militants launching missiles into Israel on Saturday. Concerns arose regarding the possibility of this conflict spilling over into neighboring nations, particularly Iran, which could disrupt the oil supply.

Josh Young, the Chief Investment Officer of energy investment firm Bison Interests, expressed his views on the matter, stating, “The oil market could experience a significant impact if the U.S. decides to impose sanctions on Iranian exports. In such a scenario, it wouldn’t be surprising to see the price of WTI oil increase by around $5.”

MarketWatch data reveals that Crude Oil WTI has risen by 3.23% since Sunday, extending its three-month gains to 16%. Additionally, Brent Crude Oil has surged by nearly 3.5% in response to the geopolitical tensions in the Middle East.