Wall Street Shaken by Trump’s Iran Comments and Oil Price Surge

In a volatile session on Thursday, Wall Street braced for a lower open following President Donald Trump’s announcement of heightened military action in Iran, disrupting prospects for a quick resolution in the Middle East. This reversal in policy has already caused oil prices to spike significantly, impacting global energy stocks.

The surge, with Brent crude reaching $108 per barrel, has caused major gains for U.S. energy giants like Exxon Mobil and Chevron in premarket trading. Art Hogan, chief market strategist at B Riley Wealth, expressed concern over the lack of clarity in the ongoing conflict, which markets had earlier hoped would soon resolve.

Investor attention is also drawn towards SpaceX as the company confidentially files for an IPO aiming for a $1.75 trillion valuation. Meanwhile, reports of lower-than-expected unemployment claims have surfaced as markets await Friday’s nonfarm payroll data. However, economic activities will pause due to the Good Friday holiday.