Oil futures surge following US strikes in Iran

Oil prices spiked after U.S. strikes on Iran, increasing by 3.6% to about $76.47 per barrel. Brent futures rose 3.2%, reaching $74.59. The U.S. stock market reacted negatively, with Dow futures dropping 250 points. However, the U.S. dollar gained 0.3%, reflecting a flight to safety amid global tensions.

Israeli stocks surged, indicating traders believe the strikes reduce the nuclear threat from Iran. Concerns persist about the potential for disruptions in oil flow through the Strait of Hormuz, which is crucial for global trade. Any significant price hikes could lead to inflation in the U.S. economy.