Drone Attack Triggers Market Reaction
News of Iran launching drones towards Israel has sent shockwaves through global markets. The Dow Jones Industrial Average futures dropped over 500 points before the market opened, according to CNBC.
Bitcoin Price Plunges
Bitcoin, the leading cryptocurrency, plummeted from a 24-hour high of $67,936 to a low of $61,514. It has since recovered slightly but remains down 6.7% over the past day.
Inflation Concerns
Financial analyst Adam Kobeissi believes the escalating tensions will fuel inflation. He predicts oil prices could reach $90 per barrel if markets were open.
First Major Iranian Attack on Israel
According to the Associated Press, this marks the first full-scale military assault by Iran on Israel. The attack comes amidst heightened tensions over Israel’s conflict with Hamas in the Gaza Strip.
U.S. Support for Israel
The U.S. has expressed support for Israel despite concerns over civilian casualties in Gaza. The conflict has killed over 33,600 Palestinians and wounded 76,200 more.
