Oil prices surge after Israel said it struck Iran
Crude oil prices surged on Friday after Israel said it had launched strikes at Iran, prompting fears of energy supply disruptions from the Middle East.
US benchmark West Texas Intermediate crude oil futures climbed nearly 8% higher, to $73.42 a barrel, at 9:10 p.m. ET.
International benchmark Brent crude oil futures were up 7.6%, to $74.64 a barrel, at 9:10 p.m. ET.
Iran is the fourth-largest oil producer in the Organization of Petroleum Exporting Countries.
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Yahoo
28 minutes ago
- Yahoo
3 charts show how the Israel-Iran conflict immediately rocked markets
Israel's strike on Iran sparked turmoil in financial markets overnight. There was a sharp risk-off move, with stocks tumbling and gold climbing. The price of crude oil spiked as much as 14%. Global investors were on edge Friday as conflict escalated between Israel and Iran in the Middle East. Israel launched a series of strikes on Iran overnight, targeting military officials and Iran's nuclear program. The situation was also stoked by comments from Donald Trump on Truth Social, which saw the president urge Iran to make a deal that involves dialing back its nuclear program. Traders immediately lurched into risk-off mode, pulling their money from risky assets (stocks) in favor of safer alternatives (gold). But those moves paled in comparison to the jump in crude oil prices, which rose as much as 14%. Detailed below are moves in three key asset classes, with accompanying charts: US stock futures tumbled as markets digested the conflict and weighed the geopolitical risks on the macro outlook. Futures on all three benchmark indexes moved lower early Friday, each falling around 1%, paring deeper overnight declines. European stocks also fell in regular trading, with the Stoxx Europe 600 about 0.8% lower. The price of crude oil surged as market participants braced for potential supply disruptions in the Middle East. West Texas Intermediate crude rose 14% at overnight highs before stabilizing about 9% higher, around $74 a barrel. Brent crude, the international benchmark, climbed as much as 13% and is now about 8% higher. Gold also rallied on the news as investors sought out the safe-haven asset. The precious metal traded as much as 1.7% higher, and held a gain of 1.5% as of Friday morning. Read the original article on Business Insider Sign in to access your portfolio
Los Angeles Times
32 minutes ago
- Los Angeles Times
Oil prices leap 7% and US stocks slump more than 1% on worries about the crude market
NEW YORK — 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 Standard & Poor's 500 sank 1.1% and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8%, and the Nasdaq composite lost 1.3%. The strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude jumped 7.3% to $72.98. Brent crude, the international standard, rose 7% to $74.23 for a barrel. Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price of crude and gasoline higher for everyone worldwide. Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran's coast. Much of the world's oil that's been pulled from the ground moves through it on ships. Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights. That has Wall Street waiting to see what will come next. U.S. stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel. For now, the price of oil has jumped, but it's still lower than it was earlier this year. 'This is an economic shock that nobody really needs, but it is one that seems more like a shock to sentiment than to the fundamentals of the economy,' said Brian Jacobsen, chief economist at Annex Wealth Management. That in turn sent U.S. stocks to a loss that was notable in size but outside their top 15 for the year so far. Companies that use a lot of fuel as part of their business and need their customers feeling confident enough to travel fell to some of the sharpest losses. Cruise operator Carnival dropped 4.9%. United Airlines sank 4.4%, and Norwegian Cruise Line Holdings fell 5%. They helped overshadow gains for U.S. oil producers and other companies that could benefit from increased fighting between Israel and Iran. Exxon Mobil rose 2.2%, and ConocoPhillips gained 2.4% because the leaping price of crude portends bigger profits for them. Contractors that make weapons and defense equipment also rallied. Lockheed Martin, Northrop Grumman and RTX all rose more than 3%. The price of gold climbed as investors searched for safer places to park their cash. An ounce of gold added 1.4%. Often, prices for Treasury bonds will likewise rise when investors are feeling nervous. That's because U.S. government bonds have historically been seen as some of the safest options around. But Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher. Inflation has remained relatively tame recently, and it's near the Federal Reserve's target of 2%, but worries are high that it could be set to accelerate because of President Donald Trump's tariffs. That sent the yield on the 10-year Treasury up to 4.41% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money. A better-than-expected report Friday on sentiment among U.S. consumers also helped drive yields higher. The preliminary report from the University of Michigan said sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while U.S. consumers' expectations for coming inflation eased. On Wall Street, Adobe fell 5.3% even though the company behind Photoshop reported a stronger profit for the latest quarter than Wall Street expected. Analysts called it a solid performance but said investors may have been looking for some bigger revenue forecasts for the upcoming year. Shares of Brazilian meat giant JBS fell 3.9% as they made their debut on the New York Stock Exchange. The company wants to increase access to its shares among global investors, despite criticism from environmental groups, U.S. lawmakers and others who noted JBS' record of corruption, monopolistic behavior and environmental destruction. All told, the S&P 500 fell 68.29 points to 5,976.97. The Dow Jones Industrial Average dropped 769.83 to 42,197.79, and the Nasdaq composite sank 255.66 to 19,406.83. In stock markets abroad, indexes slumped across Europe and Asia. France's CAC 40 lost 1%, and Germany's DAX dropped 1.1% for two of the larger losses. Choe, McHugh and Junzhe write for the Associated Press.
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