Global Markets Brace for Turmoil in Wake of U.S. Attack on Iran

Oil prices spike, Wall Street futures plunge on news of Saturday morning air strikes on Tehran and Iranian missile sites

BY KEVIN HAYNES, NEWS WRITER

The U.S. decision to launch a “massive and ongoing” attack on Iran today is expected to have a ripple effect on Wall Street Monday, shooting oil prices higher and sinking Dow Jones, Nasdaq, and S&P 500 futures.

President Donald Trump announced the launch of “Operation Epic Fury” in conjunction with Israel in a video posted Saturday at 2:30 a.m. Bombs rocked Tehran and cities throughout the country as the air strikes took aim at Iran’s missile bases as well as its supreme leader, Ayatollah Ali Khamenei, and other senior officials.

“We are going to destroy their missiles and raze their missile industry to the ground,” Trump said in the seven-minute video posted on his Truth Social account. “We are going to annihilate their navy, we are going to ensure that the region’s terrorist proxies can no longer destabilize the region and the world.”

The president also had a message for “the great, proud people’ of Iran: “Seize control.” “The hour of your freedom is at hand,” he said. “When we are finished, take over your government. It will be yours to take. This will probably be your only chance for generations.”

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Trump and Israeli Prime Minister Benjamin Netanyahu said military action was needed to thwart Iran’s attempt to rebuild its nuclear program and develop long-range missiles. “This murderous terrorist regime must not be allowed to arm itself with nuclear weapons that would enable it to threaten all of humanity,” Netanyahu said.

Iran responded to the bombardments by promising a “crushing” retaliation on Israel and U.S. military bases in the Persian Gulf. There has already been one confirmed attack on the U.S. Navy headquarters in Bahrain.

The prospect of war sent jitters throughout the market on Friday. Crude oil prices rose more than 2 percent as tension ramped up between  the Trump administration and Iran. They are likely to rise $10 or higher when markets open Monday morning, according to Investors Business Daily. Brent crude futures closed at $72.48 on Friday, up nearly 2.5 percent. U.S. West Texas Intermediate crude ended the day at $67.02, up almost 2.8 percent. Both benchmarks are trading at their highest since last summer.

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