Middle East Conflict Sends US Markets Into Decline
(MENAFN) Leading American equity markets ended the week with losses on Friday, influenced by escalating tensions between Iran and Israel.
Israel launched a military offensive in the early hours of Friday, striking Iran’s nuclear and defense sites, reportedly killing senior military figures and scientific experts.
These assaults extended into the evening, impacting urban centers like Tehran, Natanz, Tabriz, and Isfahan.
In response, Iran initiated a counteroffensive named "Operation True Promise III" later that night.
Mounting instability across the Middle East diminished traders’ willingness to take risks, resulting in a negative close for US exchanges at week’s end.
A representative from the US confirmed to a news agency that American forces were aiding in intercepting missiles aimed at Israel.
Brent crude futures surged by 7.2 percent to reach USD74.38 per barrel around noon but dropped to USD72.5 before bouncing back by nearly 1 percent following Iran's retaliatory strike.
The Dow Jones Industrial Average declined by 1.79 percent, losing 769.83 points to finish at 42,197.79.
The Nasdaq Composite decreased by 1.3 percent, down 255.66 points to 19,406.83, while the S&P 500 slipped 1.13 percent, shedding 68.29 points to 5,976.97.
The VIX Index, commonly referred to as the “fear index”, climbed 15.54 percent to 20.82.
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