Stock futures dive and oil prices jump as U.S. war in Iran rattles investors
CBSN
U.S. stock futures tumbled in premarket trading Monday as global oil prices soared amid signs that U.S.-Israel military strikes in Iran were expanding across the region, raising concerns about potential disruptions to global petroleum supplies. Edited by Alain Sherter In:
U.S. stock futures tumbled in premarket trading Monday as global oil prices soared amid signs that U.S.-Israel military strikes in Iran were expanding across the region, raising concerns about potential disruptions to global petroleum supplies.
Futures for the S&P 500 and Dow Jones Industrial Average sank 1.1% in premarket trading, while the Nasdaq Composite sank 1.6%. Oil prices rose sharply as Brent crude, the international price benchmark for crude, jumped nearly 9% to $79.31 per barrel on Monday, its highest point in more than a year.
Wall Street analysts warned on Monday that the growing conflict could disrupt global oil shipments, with roughly 20% of the world's supply moving through the Strait of Hormuz, the narrow mouth of the Persian Gulf. Any interruption would likely lift crude prices, driving up gasoline costs for U.S. consumers and raising energy expenses for businesses, according to economists.
"Oil and gas tanker traffic through the Strait of Hormuz has ground to a near halt, satellite data show, as oil firms and trading houses have put voyages on hold out of fear that Iran might target vessels passing through this maritime choke point," Eurasia Group analysts said in a March 1 research note.
They added that even a break of a few days for oil deliveries through the Strait of Hormuz "would cause a significant disruption to global supply."
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