Oil Prices Jump 7% and US Stocks Plummet Over 1% on Concerns About the Crude Market

New York (AP): Oil prices surged, and stocks tumbled on Friday due to concerns over escalating violence following Israel’s attacks on Iranian nuclear and military sites. This raised fears of potential disruptions in the global crude supply chain and the overall economy. The S&P 500 fell by 1.1%, erasing earlier gains for the week.

The Dow Jones Industrial Average witnessed a decline of 769 points, equivalent to a 1.8% drop, while the Nasdaq composite experienced a 1.3% decrease. United Airlines saw a 4.4% decline, and Norwegian Cruise Line Holdings dropped by 5%. On the other hand, Exxon Mobil saw a 2.2% increase, and ConocoPhillips gained 2.4% as the surging crude prices indicated potentially higher profits for these companies.

The shift in oil prices also impacted the financial markets, leading to an increase in the 10-year Treasury yield to 4.41% from 4.36% the previous day. Additionally, France’s CAC 40 index declined by 1%, while Germany’s DAX index dropped by 1.1%, marking significant losses in the European markets.

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