Oil prices surge, stock futures slide
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U.S. stocks recovered to end nearly flat even even as oil prices jumped after the U.S. and Israel attacked Iran. What does this mean for your money?
Global oil prices spike after Iran launched strikes across the Middle East in response to attacks by the US and Israel.
Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf ripple through the global energy supply chain.
The war with Iran​ comes at a time when prices at the pump are already up 10 cents per gallon on average since the beginning of February.
While oil prices stay $10 US above expectations, Alberta government rakes in an extra $20 million — every day, says an economist.
It is unclear who will ultimately govern Iran, the fourth-largest oil producer in OPEC, after U.S.-Israel strikes killed Ayatollah Ali Khamenei.
Oil prices rose sharply when market trading began late Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.
The impact on oil prices and in turn, on inflation is the focus for investors already uneasy about the backdrop for stocks.