Syrian President Bashar Assad’s 24-year rule got here to an abrupt finish Sunday following a 12-day offensive by insurgent forces.
The Details: Assad fled the nation after rebels gained management and has reportedly obtained asylum in Russia, as revealed by a supply from the Kremlin, in accordance with Russia’s state-owned information company TASS on Sunday.
The rebels who ended Assad’s rule in Syria started taking up the capital Damascus on Monday and mentioned a brand new authorities would take impact now, in accordance with The New York Times.
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The scenario stays fluid and the United Nations Security Council is about to debate the developments and implications for regional stability on Monday afternoon. Financial markets are reacting to the elevated uncertainty within the area as properly.
In the oil market, a barrel of benchmark U.S. crude West Texas Intermediate is up 2.17% at $68.66 and shares of the United States Oil Fund ETF USO are up 2.09% at $71.71 on Monday. Syrian oil manufacturing has declined dramatically as a consequence of its prolonged civil battle and worldwide sanctions with manufacturing in 2024 all the way down to roughly 34,602 barrels per day, in accordance with Bloomberg.
The worth of gold can also be up on Monday amid the elevated geopolitical tensions, rising 1.25% to $2,692.90 per ounce. The iShares Gold Trust Micro Shares ETF IAUM can also be up 1.35% at $26.60 per share.
Broader markets are buying and selling decrease as properly with the SPDR S&P 500 ETF SPY, down 0.35% at $605.70 and the Invesco QQQ Trust QQQ, which tracks the Nasdaq 100 index, down 0.71% at $522.75 on the time of writing Monday.
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