The U.S. and Israeli attacks on Iran rattled world markets early Monday, with U.S. futures falling more than 1% and oil prices soaring.
Asian shares opened lower.
Japan’s Nikkei 225 index lost 2.4%, trading at 57,430.18. Australia’s S&P/ASX 200 shed 0.4% to 9,159.60.
The future for the S&P 500 was down 1.1% and that for the Dow Jones Industrial Average fell 1.2%. The future for the Nasdaq composite slipped 1.1%.
The price of gold, usually viewed as a safe haven for investment in times of uncertainty, rose 2.3% to 5,380.60 and silver gained 2.1%.
Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, have restricted countries’ ability to export oil to the rest of the world.
The price of a barrel of U.S. benchmark crude oil surged 6.8% to $71.58. Brent crude jumped 7.5% to $78.33 per barrel.
Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts.
