TMC shares dip as Iceberg Research rebuts Ives upgrade
Investing.com - Energy, shipping, airlines, and precious metals stocks were all in the spotlight on Friday, as investors assessed the implications of Israel’s strikes on Iran.
Israel launched a large‑scale airstrike on Iran early Friday, hitting “dozens” of military and nuclear targets, while a state of emergency was declared across Israel amid warnings of an imminent missile and drone counter‑strike from Tehran.
Iran’s state media also confirmed reports saying that Israel has killed Iran’s Revolutionary Guards Commander Hossein Salami.
Iran pledged a “harsh” retaliation against both Israel and the United States, while U.S. Secretary of State Marco Rubio said that Israel carried out its military action against Iran independently, citing self-defense as the driving motive behind the strikes.
The White House had earlier warned it would consider military measures should nuclear negotiations fail, with a key response deadline ending Thursday.
The attacks reignited concerns over risks to Middle East oil flows and global growth, which exacerbated the already fragile sentiment driven by global trade uncertainties.
Oil prices, as well as traditional safe-haven assets like gold, surged in the wake of the strikes. Shares in Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), and ConocoPhillips (NYSE:COP) were all higher in premarket U.S. trading, along with gold and silver miners like Newmont (NYSE:NEM), Freeport-McMoRan (NYSE:FCX), Coeur Mining (NYSE:CDE), and Hecla Mining.
Shipping stocks like ZIM Integrated Shipping Services (NYSE:ZIM), Matson (NYSE:MATX), and Star Bulk Carriers (NASDAQ:SBLK) were also being monitored. Analysts have flagged worries that Iran’s response to the attacks may heighten security risks in the Strait of Hormuz, a critical artery for global shipping.
Meanwhile, several airlines saw their stock prices slip before the opening bell on Wall Street. The uptick in oil could push jet fuel costs higher, potential increasing operating expenses for carriers like American Airlines (NASDAQ:AAL), Delta Air Lines (NYSE:DAL), United Airlines (NASDAQ:UAL), and Southwest Airlines (NYSE:LUV).