Oil Prices Surge Amid Middle East Tensions

Escalating tensions in the Middle East, particularly following Iran's missile attack on Israel, have led to a significant rise in oil prices, with Brent crude surpassing $75 per barrel. President Joe Biden is considering airstrikes on Iranian oil facilities in response, further heightening market anxieties and potentially disrupting global oil supplies. U.S. stock markets have reacted negatively, with major indexes like the Dow and S&P 500 declining as investors await crucial jobs data and monitor the conflict. Despite the surge in oil prices, analysts note that the market has not yet entered a 'runaway' rally due to OPEC+'s spare capacity. The situation remains fluid, with investors cautious and possibly awaiting clearer developments before making significant portfolio adjustments. Meanwhile, military actions continue in southern Lebanon as Hezbollah engages in conflict with Israeli forces, adding to the regional volatility.