Here’s Why Stocks Plunged, Oil Prices Surged After U.S. Airstrike Kills Iran’s Top Military Leader

U.S. stock futures plunged on Friday morning following the news, with the S&P 500 down almost 1% and the Dow down nearly 300 points, or 0.9%, in pre-market trading.

The escalating tensions between the U.S. and Iran also weighed on other global stock markets: The Stoxx Europe 600 fell by 0.8%, the UK’s FTSE 100 by 0.7% and Hong Kong’s Hang Seng index was down 0.3%, for example. While stocks retreated from their early 2020 rally, oil prices surged more than 4%, hitting an 8-month high of almost $70 per barrel. that the U.S. airstrikes will lead Iran to retaliate by attacking oil infrastructure of U.S. allies in the Middle East, like Saudi Arabia, according to CNBC. Such a retaliation would disrupt global oil supply chains and likely also send the prices oil skyrocketing further.

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