US Retaliatory Strike on Iran Sends Oil Prices Climbing After Hours
Oil futures closed lower Friday for a third weekly loss, then reversed course in extended trading after the US confirmed a military strike on Iran.
Oil had a rough week — again. Futures settled in the red Friday, marking a third consecutive weekly loss and suggesting the market was feeling pretty comfortable with supply levels. Then things got interesting after the closing bell.
The U.S. military confirmed a retaliatory strike on Iran, and oil prices wasted no time heading higher in after-hours trading. That kind of geopolitical headline is essentially jet fuel for crude markets, since any conflict involving a major Middle Eastern player tends to raise fears about potential supply disruptions.
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For everyday consumers, the ripple effect from oil price swings like this can eventually show up at the gas pump — though after-hours moves don't always stick by the time the next trading session rolls around. A lot depends on how the situation develops diplomatically and militarily in the hours and days ahead.
What's worth watching is whether this spike has staying power or fades as traders reassess the actual risk to oil supplies. Three straight weeks of losses suggest the broader trend had been bearish, meaning this Iran-related jolt is swimming against the current — at least for now.
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