Topline
Global crude oil prices jumped sharply while US stock futures fell early on Friday after Israel conducted a round of military strikes against Iran’s nuclear program and military leadership, marking a significant escalation of tensions in the Middle East region.
Key Facts
The global benchmark Brent Crude Futures index briefly touched $78 per barrel, up 13% from the previous day—the biggest single-day jump since the early days of Russia’s invasion of Ukraine, according to Bloomberg.
At the time of publishing, prices settled at $74.4 per barrel, which is more than 7% from the previous day.
The U.S.’s West Texas Intermediate benchmark also surged by more than 7% to nearly $73 a barrel.
U.S. stock futures took a hit in early trading, with S&P 500 Futures slumping 1.2% to 5,977.50 points, while Dow Futures slid 1.15% to 42,816 points.
The tech-focused Nasdaq futures fell nearly 1.5% to 21,833 points.
What Do We Know About Israel’s Strikes On Iran?
Israel launched a series of major military strikes against Iran and its nuclear program late on Thursday. Iranian state media in Iran confirmed that some of the country’s top military leaders—including Mohammad Bagheri, the Chief of Staff of the Iranian Armed Forces, and Hossein Salami, the chief of the Islamic Revolutionary Guard Corps were killed in the strikes. At least two prominent nuclear scientists, Fereydoun Abbasi, the former head of the Atomic Energy Organization of Iran, and Mohammad Mehdi Tehranchi were also killed in the strikes.
This is a developing story.
