Oil prices soar, stocks slide after Israel strikes Iran
Oil prices soared and stocks sank Friday after Israel launched strikes on nuclear and military sites in Iran, stoking fears of a full-blown war.
Oil futures rocketed more than 13% at one point before coming back to gains nearer 6%, reigniting worries about a renewed spike to inflation.
Wall Street opened in the red, with the Dow dropping more than 1% and S&P 500 shedding 0.8%, after equities in Asia and Europe tumbled.
While shares in many companies slid, those of energy groups jumped as crude prices were still up more than seven% in European afternoon trading hours.Shares in major airlines tumbled after flights around the Middle East were suspended.
The dollar jumped, while gold -- viewed as a safe haven investment -- was close to its record high of above $3,500 an ounce set in April, having added around 30% since the start of the year.
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Oil prices soar, stocks slide after Israel strikes Iran
Oil prices soared and stocks sank Friday after Israel launched strikes on nuclear and military sites in Iran, stoking fears of a full-blown war. Oil futures rocketed more than 13% at one point before coming back to gains nearer 6%, reigniting worries about a renewed spike to inflation. Wall Street opened in the red, with the Dow dropping more than 1% and S&P 500 shedding 0.8%, after equities in Asia and Europe tumbled. While shares in many companies slid, those of energy groups jumped as crude prices were still up more than seven% in European afternoon trading in major airlines tumbled after flights around the Middle East were suspended. The dollar jumped, while gold -- viewed as a safe haven investment -- was close to its record high of above $3,500 an ounce set in April, having added around 30% since the start of the year.
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