US Edition
Oil settles up 7% as Israel, Iran trade air strikes
- On Friday, Israel launched airstrikes against Iranian nuclear and military targets, killing at least two top commanders, and Iran retaliated with missile launches toward Israel.
- The strikes escalated tensions amid existing Western sanctions limiting Iran's oil sales and raised fears of disruption in the Strait of Hormuz, a vital oil transit chokepoint.
- Oil prices surged sharply, with Brent crude rising 7% to $74.23 per barrel and U.S. oil jumping 7.26% to about $72.98, marking one of the largest single-day gains in years.
- Stocks fell on Friday, with the Dow down 769.83 points, S&P 500 dropping 68.29 points, and the Nasdaq losing 255.66 points, as investors sought safety in gold amid market fears.
- The events suggest heightened risk premiums in oil markets and potential escalation risks, while analysts note the shock affects market sentiment more than economic fundamentals for now.
53 Articles
53 Articles
Crude Prices Rise, Dow Falls Over Concern About Oil Supply
Oil prices leaped, and stocks slumped Friday on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. The S&P 500 fell 68.29 points to 5,976.97. The Dow dropped 769....
Los Angeles Times
Terre Haute Tribune-StarOil prices leap 7% and U.S. stocks slump more than 1% on worries about the crude market
Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.
Washington DC, United States.- Oil prices skyrocketed this Friday in reaction to the escalation between Israel and Iran, as operators fear disruptions in crude oil production and transportation. Brent's barrel price for delivery in August rose 7.02 percent to $74.23, with a peak during the session of more than 13 percent to $78.50, its highest level since January. Its American equivalent, the West Texas Intermediate barrel for delivery in July, …
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