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Oil Prices Surge 6% as Stocks and Currencies Plunge Following War-Driven Selloff
Oil futures soared Sunday night after Israel launched drone strikes on Iranian natural gas plants, shaking the energy market and triggering a broad selloff in risk assets.
According to Iranian state media and The Jerusalem Post, Israeli drones struck two major South Pars gas facilities on Saturday, with another attack reportedly hitting an oil depot near Tehran. The strikes came just two days after Israel targeted Iran’s military leadership, missile sites, and nuclear infrastructure—intensifying fears that the conflict could disrupt vital energy routes and supply chains.
The attacks pushed U.S. crude oil prices up $2.72 (a 3.7% gain) to close at $75.67 per barrel. Global benchmark Brent crude surged $3.67 (up 4.94%) to $77.90. This followed a massive 7% rally on Friday, marking the most volatile oil price movement since Russia’s 2022 invasion of Ukraine. In total, U.S. crude gained 13% last week alone.
Iran Retaliates, Threatens to Close Vital Oil Route
The situation escalated further after Iranian missile strikes reportedly hit a major refinery in Haifa, according to The Times of Israel, deepening concerns over global oil supply stability. As the conflict entered its third day, tensions remained high with no sign of de-escalation.
A senior Iranian commander warned on Saturday that Iran may close the Strait of Hormuz—a key maritime chokepoint through which over 20% of the world’s oil exports flow. Such a move could cripple global energy logistics.
Stock Futures Slide as Market Opens
U.S. stock futures dropped sharply at the market open. Dow Jones Industrial Average futures fell 92 points (0.2%), while futures for the S&P 500 and Nasdaq 100 were each down 0.2%.
This followed Friday’s heavy losses, when the Dow plunged over 700 points. All three major indexes ended the week in the red: the Dow lost 1.3%, the S&P 500 slipped 0.4%, and the Nasdaq Composite closed down 0.6%#TrumpTariffs Gold Rallie