Oil Surges Amid Middle East Tensions Roil Markets
Global markets suffered significant losses after Iran launched missiles at Israel, impacting investor confidence. The ensuing Middle East tensions led to a surge in oil prices and a rise in U.S. energy stocks. Defense stocks increased, while airline and technology stocks declined, affecting major indices.
Wall Street experienced a sharp decline as geopolitical tensions in the Middle East intensified. Iran's missile launch at Israel, in retaliation for Israeli strikes on Iran's nuclear facilities, shook investor confidence globally. Explosions over major Israeli cities heightened fears of an escalated military conflict.
This geopolitical unrest caused a surge in oil prices, nearly 7%, amid concerns over potential disruptions to crude supplies in the Middle East. As a result, U.S. energy stocks saw gains, with Exxon up 2.2% and Diamondback Energy rising 3.7%. In contrast, airline stocks plummeted due to fears of escalating fuel costs, with significant declines among major U.S. carriers.
The defense sector benefitted from increased demand, with companies like Lockheed Martin and RTX Corporation seeing gains. In contrast, major indices like the S&P 500 and Nasdaq recorded losses, with broader declines across most sectors, especially financial and technology stocks.
(With inputs from agencies.)
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