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“Markets Slide as Oil Surges Following U.S. Strikes on Iran” 🚨

Global markets opened the week in risk-off mode after the United States launched a series of military strikes against Iran over the weekend. U.S. equity futures declined sharply, while oil prices spiked and investors flocked to traditional safe-haven assets such as gold and the U.S. dollar.

Exchange-traded funds tracking major U.S. benchmarks moved lower in early trading. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) both fell, reflecting broad pressure across equities—particularly in higher-beta and speculative technology names.

In commodities, front-month West Texas Intermediate crude oil futures jumped roughly 7%, while gold climbed around 2%. The U.S. Dollar Spot Index also strengthened by about 0.6%, signaling investor caution. Meanwhile, longer-term U.S. government bonds initially saw modest gains before slipping into mild losses.

Defense and energy stocks bucked the broader market decline. Companies such as Lockheed Martin, RTX, and Northrop Grumman surged between 6% and 7% amid expectations of increased military activity. Energy giant ExxonMobil rose about 4% as crude prices climbed, while Palantir Technologies gained on heightened defense and AI demand prospects.

Travel-related stocks suffered as rising fuel costs and regional instability weighed on outlooks. Norwegian Cruise Line Holdings dropped sharply following both the oil surge and a weaker-than-expected full-year earnings forecast. Peers Carnival Corporation & plc and Royal Caribbean Group also posted notable losses. Airline stocks similarly faced pressure amid concerns about higher operating costs and potential airspace disruptions.

The military campaign, dubbed “Operation Epic Fury,” was described by U.S. President Donald Trump as an effort to dismantle Iran’s military capabilities and address what he called “imminent threats.” According to official statements and Iranian state media, Iran’s Supreme Leader Ali Khamenei was killed in the strikes. Israel is reportedly supporting U.S. forces in the operation.

Iran ranks as the world’s fifth-largest oil producer, pumping more than 5 million barrels per day, according to 2024 Energy Institute data. Analysts warn that if the conflict escalates or becomes prolonged, energy markets could experience sustained upward pressure.

Investment strategist Viresh Kanabar of Macro Hive noted that a drawn-out campaign aimed at regime change could push oil prices higher for longer, marking a departure from the shorter-lived spikes seen during previous flare-ups since 2023.

Markets now face heightened uncertainty, with investors closely watching geopolitical developments and energy supply risks in the days ahead.