Oil surged nearly 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East, home to almost a third of global supply.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. U.S. crude rose 4.46% to $86.48 per barrel and Brent was at $88.04, up 4.09% on the day.
Monday’s rise in crude helped oil and gas stocks to some of Wall Street’s biggest gains. Marathon Oil rose 6.6%, and Halliburton climbed 6.8%.
The broader market also rose with the S&P 500 up 0.6%. The Dow added 197 points, and the Nasdaq composite climbed 0.4%. They perked higher after two officials at the Federal Reserve suggested they may not need to raise interest rates again at their next meeting at the end of this month.
DreamWorks cuts 70 jobs amid strike
DreamWorks Animation cut about 70 positions, as many entertainment companies have adjusted their staffing levels amid rising production costs and this summer’s work stoppages.
“Roles affected were across corporate functions, feature, television and technology departments as part of an overall cost-reduction,” DreamWorks Animation said in a statement released on Sunday.
The Glendale-based company produces movies including “Puss in Boots: The Last Wish,” “Abominable” and upcoming “Trolls Band Together.” News outlet Deadline was the first to report on the layoffs, which affected roughly 4% of DreamWorks Animation’s workforce.
The cuts follow other companies that have been reducing their expenses amid this summer’s dual Hollywood strikes by film and TV writers and actors that have delayed or suspended many productions.