US Edition3 graphics show how the war in Iran is roiling markets
Brent crude surged to $112.57, its highest since 2022, amid Middle East supply disruptions, while U.S. stock indexes enter correction with losses up to 10%, analysts report.
- On Friday, Brent crude surged 4.22% to settle at $112.57, its highest level since 2022, as the Iran conflict disrupted global energy supplies and pushed United States stock markets into correction territory.
- Oil traded around $73 per barrel before the United States and Israel attacked Iran on February 28, triggering disruptions at the Strait of Hormuz and Middle East facilities that drove prices higher.
- The 10-year Treasury yield hit 4.48% on Friday, its highest since July, while The Dow and The Nasdaq both entered correction territory, dropping 10% as investors sold bonds amid inflation concerns.
- Robert Tipp, head of global bonds at PGIM Fixed Income, said markets now question rate cuts: "We're seeing markets begin to question whether there will not only not be cuts, but may in fact be hikes."
- Ed Egilinsky, managing director at Direxion, warned that investors should prepare for continued volatility: "prices may swing in either direction until more definitive guidance is available.
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Local 3 News
The war in Iran has shaken the financial markets, driving oil prices and causing falls in stocks and bonds.
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Commodity prices rise due to Middle East conflict: Coface
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