Hong Kong
\n CNN
\n \u00a0\u2014\u00a0<\/p>\n
\n Oil prices surged late Sunday in Wall Street\u2019s first reaction to America\u2019s strikes on three Iranian nuclear facilities on Saturday evening, a major escalation of the Iran-Israel conflict.\n <\/p>\n
\n US oil futures jumped 2.7% to about $75.80 per barrel at <\/strong>930 pm ET\ufeff. Brent futures, the global benchmark for oil prices, increased 2.44%, hitting $78.88 per barrel.\n <\/p>\n \n US stock futures fell in response to the attacks. Dow futures dropped 175 points, or 0.4%. S&P 500 futures fell 0.4%, while Nasdaq futures tumbled 0.5%.\n <\/p>\n \n The US dollar, however, rose 0.3%, an encouraging sign after the greenback had tumbled after the Trump administration put in place historic tariffs on foreign imports. The dollar, widely referred to as the world\u2019s reserve currency, tends to rally in times of global unease and conflict, but some market observers questioned if that would happen again under Trump\u2019s \u201cAmerica First \u201d policies.\n <\/p>\n \n Israeli stocks were bolstered Sunday by the news, as traders believed the attacks could lower the chance that Iran poses a nuclear threat against the Jewish state. Israeli stocks surged to record highs. The Tel Aviv 125 climbed 1.8% to close at 2,919.62. The TA-35 gained 1.5% to close at 2,877.78, an all-time high.\n <\/p>\n \n The United States produces an average of roughly 13.4 million barrels a day. Crude oil stockpiles have increased more than 200 million barrels since early January and OPEC+ recently announced plans to increase production, but there are growing concerns that Iran may close the Strait of Hormuz or pressure the flow of oil and trade in the area.\n <\/p>\n