Global oil prices have surged significantly following US airstrikes on Iran’s nuclear facilities. The strikes, carried out on Saturday evening US local time, triggered an immediate response in oil futures markets by Sunday night.
The price of US crude oil rose by 3.6 percent, reaching $76.47 per barrel. Brent crude, the international benchmark, increased by 3.2 percent to $74.59 per barrel.
However, the broader stock market painted a contrasting picture. The Dow Futures index dropped by 250 points, or 0.6 percent, while the S&P 500 Futures and Nasdaq Futures both declined by approximately 0.6 to 0.7 percent.
Amid the global market volatility, the US dollar strengthened by around 0.3 percent. The dollar typically gains value during times of global uncertainty and crisis. However, analysts remain uncertain about how long this trend will hold under the Trump administration’s “America First” policy.
Analysts say growing concerns over the escalating Iran-Israel conflict and the US military intervention are weighing heavily on both energy and investment markets.
On Sunday, Iran’s parliament approved a proposal to close the Strait of Hormuz—a vital waterway for global trade. However, the final decision rests with Iran’s Supreme National Security Council.
Closure of the strait could have a significant impact on global markets, as nearly 20 percent of the world’s oil supply passes through this route.