Middle East Tensions Rattle Markets: US Stock Futures Slide, Oil Jumps 8%, Gold Surges Above $3,400 After Israel Strikes Iran

U.S. stock futures slipped Thursday evening as tensions continued to flare in the Middle East, following Israel’s preemptive strike against Iran.

Starting with the S&P 500 Futures, which trades at 5,959.25, down 1.49%, followed by Nasdaq Futures at 21,580.25, down 1.59%, and Dow Jones Futures down 1.36%, trading at 42,404.00, at the time of writing this.

The futures markets dipped following Israel’s Defense Minister, Israel Katz declared a state of emergency, following the attack on Iran. Katz said, “Following the State of Israel's preemptive strike against Iran, a missile and drone attack against the State of Israel and its civilian population is expected in the immediate future,” according to CNBC.

On Wednesday, President Donald Trump announced that all non-emergency U.S. personnel located at its bases and embassies in the Middle East will be evacuated, saying that it “could be a dangerous place.”

Secretary of State Marco Rubio issued a statement following Israel’s unilateral strikes, stating that the U.S. was not involved in the strikes against Iran and that the government’s top priority is protecting American troops in the region. “Let me be clear,” he said, “Iran should not target U.S. interests or personnel.”

Asian markets opened lower on Friday, with Japan’s benchmark Nikkei 225 down 1.44%, trading at 37,625.30, with services, electronics, and export-oriented industries leading the decline. South Korea’s KOSPI Composite Index is following suit, down 0.97% in early-morning trade, at 2,891.73.

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Crude oil prices are up 8% on Friday, trading at $73.36 a barrel, marking a steep ascent from its 52-week low of $58.4 in early May.

Oil ETFs are once again on the ascent after hours, with the United States Oil Fund LP USO up 1.68%, ProShares Ultra Bloomberg Crude Oil UCO up 2.75%, and finally the SPDR S&P Oil & Gas Exploration & Production ETF XOP up 0.41%.

The U.S. Dollar Index (DXY) is up 0.21%, trading at 98.105 against a basket of foreign currencies, in a rather volatile trading session, as geopolitical concerns weigh.

Gold spot prices have surged 3.33%, trading at $3,435.68 per ounce, as investors pursue safe-haven assets amid rising geopolitical risks.

The ProShares Ultra Bloomberg Crude Oil ETF, one of the leading ETFs to track crude oil prices, has a momentum of 21.13. It has a favorable price trend in the short, medium, and long term, but how does it compare with other energy and crude oil ETFs? Click here to find out.

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