Oil surged over 15% after the attacks on the Saudi oil facilities, oil prices are now 10% higher with gold 1% higher and silver over 2% higher.
Oil surged over 15% after the attacks on the Saudi oil facilities; oil prices are now 10% higher with gold 1% higher and silver over 2% higher.
U.S. stock index futures dropped as oil prices surged the most on record; Brent crude soared as much as 19.5% and West Texas Intermediate added 15.5% after a drone strike on a Saudi Arabian oil facility increased already very high geopolitical risks in the “tinder box” Middle East.
S&P 500 Index futures were down 0.5% and in Europe, the Stoxx 600 Index dropped 0.5%, led lower by cyclical financial stocks.
Fear of an oil price shock is growing and every US and global recession in the past 50 years has been preceded by a spike in oil prices.
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