Oil prices spike and U.S. stock futures tumble following explosions near Isfahan Airport in Iran

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19th April 2024 – (New York) Oil prices witnessed a sharp increase of nearly 4% while US stock futures experienced a significant decline on Thursday evening, following reports of explosions near Iran’s Isfahan Airport.

In the latest market activities, U.S. oil benchmarks rose by 3.7%, reaching $85.80 per barrel, while Brent crude, the international standard, escalated by 3.4% to $90.13 per barrel. The surge in oil prices came shortly after Iranian media outlets reported hearing an explosion in the vicinity of Isfahan Airport, a key infrastructure facility in the country.

This unsettling news prompted a downturn in the US stock market futures. The Dow Jones Industrial Average futures fell sharply by 480 points, translating to a 1.3% decrease. Similarly, the Nasdaq futures saw a substantial reduction, dropping nearly 2%.