Topline
Global crude oil prices jumped sharply while U.S. stock futures fell early Friday after Israel conducted military strikes against Iran’s nuclear program and military leadership, significantly escalating tensions in the Middle East.
A man walks at the scene of an explosion in a residence compound in northern Tehran, Iran.
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% up 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 Thursday. Iranian state media confirmed some of the country’s top military leaders—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. U.S. officials noted the strikes were carried out unilaterally by Israel and there was no U.S. involvement. Iranian officials said they will not attend the next round of nuclear talks with the U.S., which was set to take place on Sunday in Oman.
How Has Iran Reacted To The Strikes?
In a statement issued to state media, Iran’s Supreme Leader Ali Khamenei called the strikes “evil” and warned that Israel “should expect a severe punishment…as the powerful hand of the Islamic Republic will not let them go.” Israeli military officials said Iran has launched at least 100 drones at Israel in a retaliatory attack, which they are intercepting.
How Have Opec+ Nations Reacted To The Israeli Strikes?
Several key members of the OPEC+ group of oil producing nations have criticized Israel’s attack. The government of Saudi Arabia—the world’s biggest oil exporter—called the strikes “heinous” and a violation of international law. Iraq urged the UN Security Council to take “decisive and concrete measures to deter this aggression.” Russia, another OPEC+ member, condemned the attack as “categorically unacceptable.”
Further Reading
Israel Strikes Iran: Top Iranian Generals And Nuclear Scientists Killed As Israel Braces For Retaliation (Forbes)
Read the full article here