Global Markets Rattled Oil Soars 8% Dollar Jumps 3% After Israeli Strike on Iran

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•  13 Jun 2025
 

The Israeli airstrike on Iranian military and nuclear sites has sent shockwaves through global financial markets, sparking a surge in oil and gold prices while U.S. futures and global stocks tumble.

The financial world is reeling after Israel’s preemptive strike on key Iranian strategic targets triggered a dramatic response across global markets. Oil prices surged by over 8%, the U.S. dollar jumped 3% against the shekel to ₪3.67, and Wall Street futures plunged as much as 1.8%, reflecting rising investor anxiety over geopolitical instability in the Middle East.

The Israeli operation, which targeted military and nuclear facilities in Tehran, Isfahan, Natanz, and Kermanshah, directly disrupted the infrastructure of Iran—the third-largest oil producer in OPEC. As a result, West Texas Intermediate (WTI) crude spiked to $76 per barrel, and Brent crude surged past $77, igniting fears of further supply disruptions.

Analysts warn that if tensions escalate, Iran’s oil exports, estimated at 1.6 to 1.8 million barrels per day, could be severely reduced, and there is even concern over a potential closure of the Strait of Hormuz, a vital passage for over 14 million barrels of oil per day. A full shutdown could push oil prices beyond $100 per barrel, possibly triggering a global energy crisis.

The U.S. dollar strengthened 3% against the Israeli shekel, while gold prices rose by 1.3% to $3,447.20 per ounce, reinforcing its role as a classic hedge in times of geopolitical volatility.

Currency markets across Asia also reflected investor caution: the Japanese yen and Swiss franc posted moderate gains, while European markets remained volatile, reacting to growing fears of energy-driven inflation and global economic slowdown.

U.S. stock futures turned sharply lower, with contracts tied to the S&P 500, Nasdaq, and Dow Jones all registering losses of up to 1.8%, signaling a weak open. Asian markets followed suit, albeit with milder declines, as traders assessed the broader implications of a sustained Middle East conflict on global growth.