Turmoil in the Middle East could cause dramatic moves in the financial markets, according to U.K. investment bank Liberum Capital , which is calling for oil to surge to $100 and a stock market correction as big as 10%. Iran launched more than 300 drones and missiles on Israel on Saturday, marking the first direct attack on Israel from Iranian territory. While the majority of the threats were intercepted, concerns rose that a Israel might retaliate.
5%, its worst weekly performance since October 2023. The equity benchmark is now about 2.7% off its 52-week high. Oil prices were slightly lower Monday as Israel, aided by the U.S., fended off Iran's aerial barrage. The West Texas Intermediate contract for May lost 99 cents to $84.67 a barrel. WTI futures began the year around $71 a barrel.