Wall Street resilient as Iran fires missiles at U.S. bases in Qatar and Iraq, defying expectations in energy market. U.S. equities and gold up, bonds down.
Oil ETFs surge as tensions rise between Israel and Iran. Crude prices spike on fears of U.S. involvement, Strait of Hormuz disruption, and geopolitical risks.
Brent crude futures rose 1.4% to $74.24 per barrel while U.S. West Texas Intermediate crude futures gained 1.2% to $71.06 per barrel, as of 5.03 am ET.
With tensions continuing to flare in the Middle East, the global energy supply is on tenterhooks, with Israel hitting Iran where it stands to hurt the most.
Investors embraced a risk-on mood Monday, showing optimism that Iran might seek a diplomatic solution to the crisis despite continued hostilities with Israel.
Markets cheered Monday after Iran signaled it wants to de-escalate tensions with Israel and return to negotiations, easing geopolitical jitters that had rattled investors and sent oil prices surging last week.
U.S. stocks retreated Friday as geopolitical tensions erupted following Israel's surprise airstrike on Iranian nuclear sites, sparking a sharp rally in oil and gold.
