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Abstract
This paper aims to analyse the reaction of oil‑related stock companies to the start of the Israel–HAMAS war. In particular, it examines the short‑term effects of the most significant events related to the conflict. The dataset incorporates 10 companies listed on the New York Stock Exchange over the course of two years, covering a period from January 2022 to December 2023. Daily data were preferred over weekly or monthly for their accuracy and larger sample size. The main research instrument is the widely used event study methodology (ESM), which operates under the assumption of the Efficient Market Hypothesis (EMH). The primary outcome is that cumulative abnormal return (CAR) shows a positive reaction to the news of the war the day after its occurrence. However, the effect was temporary, as prices returned to the initial level – and even lower – very quickly.