US EditionOil settles up 7% as Israel, Iran trade air strikes
- On Friday, oil prices surged with U.S. crude rising 7.3% to $72.98 and Brent crude gaining 7% to $74.23 per barrel amid Israel's attacks on Iran.
- The surge followed Israel's unprecedented strike on Iran's nuclear and missile sites and killing top commanders, which prompted Iran's missile retaliation.
- The conflict raised concerns about oil export disruptions through the Strait of Hormuz, a key chokepoint for global oil shipments affecting Iran, a major oil producer.
- Stocks fell sharply with the Dow down 770 points and the Nasdaq dropping 255.66, while defense stocks and oil producers saw gains amid heightened geopolitical risks.
- The market volatility suggests immediate supply worries but analysts note the shock mainly affects sentiment, with OPEC signaling readiness to offset possible Iranian supply disruptions.
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Buy These 5 Ultra-High-Yield Dividend Energy Stocks As Mideast War Drums Beat
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. When you combine the geopolitical bounce the major oil benchmarks are receiving from the Israeli attack and the counter attack from Iran with global oil demand, which is projected to rise to 106 million barrels per day in 2025, up from 104.5 million in 2024, driven by non-OECD countries such as India you …
Israel-Iran conflict: Crude oil prices jump 7% on supply worries as Middle East tensions escalate
Brent crude oil futures gained $4.87, or 7.02%, to settle at $74.23 a barrel after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27.
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....
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