US EditionOil Prices Leap 7%, US Stocks Slump over 1% on Worries About Crude
- On Friday in New York, oil prices leaped over 7% while U.S. stocks slumped notably on fears of escalating violence in the Middle East.
- The surge came after Israel carried out strikes against Iran’s nuclear and military sites, followed by Iran firing ballistic missiles toward Israel, prompting fears of potential disruptions to the global oil supply.
- Experts cautioned that the Strait of Hormuz, a slim maritime passage near Iran, could face possible interruptions, impacting the transit of a large portion of global oil shipments.
- The Dow Jones fell 769.83 points to 42,197.79, the S&P 500 dropped 68.29 points to 5,976.97, and the Nasdaq lost 255.66 points to 19,406.83, while Brent crude rose 7% to $74.23 a barrel.
- The market turmoil suggests investors fear regional conflict could raise global oil prices and harm the economy, though past incidents indicate prices may fall if supply remains steady.
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Oil prices leap 7%, US stocks slump over 1% on worries about crude
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.
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Total News Sources14
Leaning Left3Leaning Right3Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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