Stock futures fell and oil prices rose in overnight trading after Israeli missile hits Iran following Iran’s retaliation against the country last weekend.
Investors are closely watching conflicts in the Middle East for signs that escalating hostilities between Israel and Iran are threatening global oil supplies and driving up energy prices.
Crude prices, which reached their highest level in months after the Iranian decision. drone and missile attack on Israel on April 13, topped $90 early Friday before giving up those gains amid signs that the Iranian government was downplaying the impact of the Israeli attack.
S&P 500 stock futures fell 0.6%, while the Dow Jones Industrial Average and Nasdaq Composite indexes fell 0.5% and 0.7%, respectively. Markets opened mixed, with the S&P 500 largely flat, the Dow up 0.4% and the tech-heavy Nasdaq down 0.6%.
“Even though geopolitics will remain present in this market for some time… we believe that the events of the last 12 hours in Iran are encouraging, as they will help ease tensions between Israel and Tehran, at least for the moment” , he added. ” Vital Knowledge’s Adam Crisafulli said in a note to investors.
In oil trading, benchmark U.S. crude rose 11 cents to $82.22 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 7 cents to $87.18 a barrel.
“The attack – and the threat of retaliation – has increased the risk to the physical supply of oil, but this morning’s response suggests that some of that risk has already been addressed,” said Neil Shearing, Group Chief Economist at Capital Economics. , said in a report.
A series of factors have drives up gas prices in the United States over the past month, with the national average for a gallon of regular fuel now $3.67, up 21 cents from the previous month, according to AAA. Fuel costs typically rise this time of year as more motorists hit the road and oil refineries take advantage of warmer weather to perform necessary maintenance, which can reduce supplies.
Still, as wars in the Middle East and Ukraine worry oil investors, AAA doesn’t expect domestic gas prices to rise for now, pointing to a drop in demand for the fuel between the end of the holidays spring in the United States and the Memorial Day holiday.
—The Associated Press contributed to this report.
Stock futures fell and oil prices rose in overnight trading after Israeli missile hits Iran following Iran’s retaliation against the country last weekend.
Investors are closely watching conflicts in the Middle East for signs that escalating hostilities between Israel and Iran are threatening global oil supplies and driving up energy prices.
Crude prices, which reached their highest level in months after the Iranian decision. drone and missile attack on Israel on April 13, topped $90 early Friday before giving up those gains amid signs that the Iranian government was downplaying the impact of the Israeli attack.
S&P 500 stock futures fell 0.6%, while the Dow Jones Industrial Average and Nasdaq Composite indexes fell 0.5% and 0.7%, respectively. Markets opened mixed, with the S&P 500 largely flat, the Dow up 0.4% and the tech-heavy Nasdaq down 0.6%.
“Even though geopolitics will remain present in this market for some time… we believe that the events of the last 12 hours in Iran are encouraging, as they will help ease tensions between Israel and Tehran, at least for the moment” , he added. ” Vital Knowledge’s Adam Crisafulli said in a note to investors.
In oil trading, benchmark U.S. crude rose 11 cents to $82.22 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 7 cents to $87.18 a barrel.
“The attack – and the threat of retaliation – has increased the risk to the physical supply of oil, but this morning’s response suggests that some of that risk has already been addressed,” said Neil Shearing, Group Chief Economist at Capital Economics. , said in a report.
A series of factors have drives up gas prices in the United States over the past month, with the national average for a gallon of regular fuel now $3.67, up 21 cents from the previous month, according to AAA. Fuel costs typically rise this time of year as more motorists hit the road and oil refineries take advantage of warmer weather to perform necessary maintenance, which can reduce supplies.
Still, as wars in the Middle East and Ukraine worry oil investors, AAA doesn’t expect domestic gas prices to rise for now, pointing to a drop in demand for the fuel between the end of the holidays spring in the United States and the Memorial Day holiday.
—The Associated Press contributed to this report.