Oil prices rally, stocks mixed as traders track Israel-Iran crisis - Markets & Companies
Oil prices jumped and equities fluctuated Tuesday as investors weighed Donald Trump called for Tehran residents to evacuate and hopes that the conflict between Israel and Iran does not descend into all-out war.
While the crisis in the Middle East continues to instill uncertainty, talk that Iran wanted to make a nuclear deal was providing some optimism.
After Friday's surge sparked by Israel's attacks on its regional foe, crude ticked more than one percent lower Monday as traders bet that the conflict would not spread throughout the Middle East and key oil sites were mostly left untouched.
Prices bounced back Tuesday after Trump called for the evacuation of the Iranian capital, which is home to nearly 10 million people.
"Iran should have signed the 'deal' I told them to sign," he said on social media, referring to nuclear talks that were taking place.
"What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!"
Trump later poured cold water on remarks from French President Emmanuel Macron that he was leaving the G7 summit in Canada to discuss a possible ceasefire.
Oil climbed more than one percent in late Asian trade Tuesday, after swinging between gains and losses through the day.
Gains were tempered after the International Energy Agency said in its 2025 report that global demand would fall slightly in 2030 for the first time since the start of the Covid pandemic in 2020.
It cited "below-trend economic growth, weighed down by global trade tensions and fiscal imbalances, and the accelerating substitution away from oil in the transport and power generation sectors".
Traders are keeping a wary eye on developments in the Iran crisis, with the aircraft carrier USS Nimitz leaving Southeast Asia on Monday after cancelling a Vietnam visit as the Pentagon announced it was sending "additional capabilities" to the Middle East.
Trump has maintained that Washington has "nothing to do" with Israel's attacks, but Iran's foreign minister said Monday the US leader could halt the attacks with "one phone call".
Tehran has said it would hit US sites if Washington got involved.
The US president had earlier said Iran wanted to make a deal, adding "as soon as I leave here, we're going to be doing something".
He later left the gathering in the Rockies, telling reporters: "I have to be back as soon as I can. I wish I could stay for tomorrow, but they understand, this is big stuff."
Tehran had signalled a desire to de-escalate and resume nuclear talks with Washington as long as the United States did not join the conflict, according to the Wall Street Journal.
Equities were mixed in Asian trade, with Tokyo, Singapore, Seoul, Manila, Bangkok, Jakarta and Taipei all advancing, while Hong Kong, Sydney, Wellington and Mumbai struggled along with London, Paris and Frankfurt.
Shanghai was flat.
Dealers also kept tabs on the G7 summit, where world leaders pushed back against Trump's trade war, arguing it posed a risk to global economic stability.
Britain, Canada, Italy, Japan, Germany and France called on the president to reverse course on his plans to impose even steeper tariffs on countries across the globe next month.
On currency markets the yen edged up against the dollar after the Bank of Japan stood pat on interest rates and said it would slow the tapering of its bond purchases.
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Ahram Online provides live coverage of the unfolding military confrontation between Israel and Iran as the two sides waged deadly strikes against one another for the eighth day in a row. Related Trump says will decide whether to attack Iran 'within two weeks' - as it happened Israel expands assassination policy with threat to target Khamenei Israeli army says struck inactive nuclear reactor in Iran's Arak The face-off between Israel and Iran has continued to intensify overnight and into this morning. Overnight, the Israeli military reported carrying out dozens of strikes on military targets across Iran, including a significant attack on the Organization of Defensive Innovation and Research (SPND) headquarters in Tehran, which Israel claims is involved in Iran's nuclear weapons development project. Other targets included missile production sites in Tehran and the northern city of Rasht. The International Atomic Energy Agency (IAEA) also confirmed that Israel's rockets had damaged Iran's Khondab Heavy Water Production Plant. In retaliation, Iran launched fresh barrages of missiles towards Israel. These missiles struck southern Israel, particularly the city of Beersheba for the second consecutive day, causing damage to residential buildings, including a six-story structure. Sirens were activated across southern Israel as missiles were detected, and while most were reportedly intercepted, some impacted areas. Casualty figures remain high, with an Iranian human rights group stating that Israeli strikes have now killed at least 657 people and wounded over 2,000 in Iran since the conflict began. Iran's retaliatory strikes have resulted in 24 deaths in Israel. Diplomatic efforts are underway, with the Iranian Foreign Minister expected to meet with top European diplomats in Geneva today, although Iran continues to reject direct negotiations with the US as long as Israeli attacks persist. Concerns are also rising regarding potential cyberattacks, with reports of Iranian hackers targeting Israeli home security cameras. 21:15 At least 19 people were injured in the northern Israeli port city of Haifa as Iran fired a fresh barrage of missiles on Friday afternoon, authorities said. Iran has been launching daily missile salvos at Israel for the past week since a wide-ranging Israeli attack on its nuclear and military facilities triggered war. One projectile slammed into an area by the docks in Haifa on Friday afternoon where it damaged a building and blew out windows, littering the ground with rubble, AFP images showed. The locations of missile strikes in Israel are subject to strict military censorship rules and are not always provided in detail to the public. A spokesman for Haifa's Rambam hospital said 19 people had been injured in the city, with one in a serious condition. A military official said that "approximately 20 missiles were launched towards Israel" in the latest Iranian salvo. 20:45 The USS Gerald R. Ford will depart for Europe next week, a Navy official said Friday, placing a third American aircraft carrier in closer proximity to the Middle East. "The Gerald Ford carrier strike group will depart Norfolk (Virginia) the morning of June 24 for a regularly scheduled deployment to the US European Command area of responsibility," the Navy official said. The US Carl Vinson carrier strike group has been operating in the Middle East since earlier this year, taking part in an air campaign against Yemen's Iran-backed Huthi rebels. And a US defense official has confirmed that Pentagon chief Pete Hegseth ordered the Nimitz carrier strike group to the Middle East, saying it was "to sustain our defensive posture and safeguard American personnel." 20:00 The United Nations Security Council (UNSC) is currently holding an emergency meeting on the escalating Israel-Iran conflict, convened at Iran's request. This marks the second time the Council has met to discuss the conflict since Israel launched its initial attacks a week ago. During the session, UN Secretary-General António Guterres delivered a grave warning, stating that the world is "racing toward" a major crisis and that the "expansion of this conflict could ignite a fire that no one can control." He urged both sides to "Give peace a chance" and for the Council to act with "unity and urgency for dialogue," emphasizing that diplomacy grounded in international law is the "sole path" to lasting peace. Guterres also specifically addressed the nuclear issue, acknowledging a "trust gap" regarding Iran's nuclear program and reiterating that it must be for peaceful purposes with full access for IAEA inspectors. Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), also briefed the Council, providing updates on the damage to Iranian nuclear facilities. He confirmed that while there was no immediate awareness of damage at Fordow, four buildings were impacted at the Isfahan nuclear site, and the Khondab heavy water research reactor was hit. Crucially, Grossi issued a dire warning about the Bushehr nuclear power plant, stating that a direct hit could result in a "very high release of radioactivity to the environment" and necessitate evacuations. He strongly reiterated that "Armed attack on nuclear facilities should never take place." Israel's UN Ambassador Danny Danon used his address to the Security Council to strongly defend Israel's actions and criticize the international community's approach to Iran. Danon emphasized that Israel is seeking a "genuine effort" to dismantle Iran's nuclear capabilities, not merely "another session and debates." He asserted, "We have seen diplomatic talks for the last few decades, and look at the results. If there will be genuine effort to dismantle the capabilities of Iran, then that's something we can consider, but if it is going to be like another session and debates, that's not going to work." The UNSC meeting is ongoing, with members weighing the immediate threat of escalation against the long-term implications of the conflict. 19:00 Ahmed El-Tayeb, the Grand Imam of Al-Azhar, issued a forceful condemnation of Israel's ongoing actions against Iran. He notably delivered his message not only in Arabic and English but, for the first time, in Persian on social media. This unprecedented outreach directly targets Iranian audiences as tensions escalate, signaling a significant pan-Islamic appeal from Sunni Islam's highest seat of learning. In his tweet, El-Tayeb stated, "I strongly condemn the ongoing aggression by the occupying entity against the Islamic Republic of Iran, and the systematic attacks and continued recklessness committed by this usurping aggressor and its backers, acts that risk dragging the region to the brink of explosion and igniting a full-scale war, from which only arms dealers and profiteers of bloodshed would benefit." El-Tayeb further criticized the international community's inaction, arguing that "The international community's silence in the face of this tyranny, and its failure to put an end to it, amounts to complicity in the crime. Such inaction yields nothing but a growing threat to global security. War cannot create peace!" 18:00 Iran's Revolutionary Guard said it targeted Israeli Channel 14's field broadcasting headquarters in Haifa on Friday with Sejil-3 long-range missiles, describing the strike as part of a wider operation involving 'long-range and very heavy missiles.' According to Nour News, which is affiliated with Iran's Supreme National Security Council, the strike formed part of 'Wave 17' of Operation True Promise 3. The news outlet said the attack followed a prior warning issued by the Guard. 17:00 Turkish President Recep Tayyip Erdoğan warned that the escalating conflict between Iran and Israel is nearing 'the point of no return', as the United States weighs the possibility of direct military involvement. 'Unfortunately, the genocide in Gaza and the conflict with Iran are quickly reaching the point of no return. This madness must end as soon as possible,' he said, according to AFP. Erdoğan cautioned that the consequences of the war could extend far beyond the Middle East, affecting Europe and Asia 'for many years'. He made the comments during an Organisation of Islamic Cooperation (OIC) youth forum in Istanbul, ahead of a meeting of OIC foreign ministers scheduled for the weekend. In a separate phone call with German Chancellor Friedrich Merz, Erdoğan warned the war could trigger a surge in migration and the risk of nuclear contamination. "The spiral of violence triggered by Israel's attacks could harm the region and Europe in terms of migration and the possibility of nuclear leakage," he said, adding that the conflict had "raised the threat to regional security to the highest level". 16:30 Qatar held crisis talks with energy firms this week after Israeli strikes hit Iran's South Pars gas field, which it shares with Qatar, a regional diplomat and an industry source told Reuters. The South Pars/North Dome field, jointly owned by the two countries, is the world's largest known natural gas reserve. Iranian media reported a 'massive explosion' and fire on Saturday following an Israeli drone strike on one of the South Pars facilities. Qatar urged companies to raise the alarm with US, UK and European governments over mounting risks to global gas supplies, the source said. 16:00 Iran fired dozens of missiles at Israel, triggering air raid sirens across the north and south, according to Israel's Home Front Command. Al Jazeera initially reported that the salvo involved around 30 projectiles. Explosions were reported in Tel Aviv, Jerusalem and Haifa. Channel 12 confirmed a direct hit in Haifa that caused significant damage and injured 21 people, some seriously. Army radio cited strikes at multiple sites, while Channel 7 later said around 20 missiles were involved. Iran's Nour News said the Islamic Revolutionary Guard Corps (IRGC) targeted Channel 14's field broadcast centre in Haifa with Sejil-3 long-range missiles after a prior warning. The IRGC called the barrage 'Wave 17' of Operation True Promise 3, describing it as a coordinated strike involving 'long-range and very heavy missiles'. Iran's Supreme Leader Ayatollah Ali Khamenei said: 'The Zionist enemy is now receiving its punishment.' The attack marks one of the largest direct missile strikes by Iran since the war began on 13 June. The Israeli army later lifted nationwide shelter orders and confirmed impacts in Haifa, as well as central and southern regions. Earlier, Israeli forces said their air force was conducting renewed strikes on targets in western and central Iran. 15:15 Iran will not accept a demand for zero uranium enrichment, a senior Iranian official told Reuters, calling it unacceptable while Israeli strikes continue. However, the official said Tehran was open to negotiating limits on enrichment levels, provided its right to peaceful nuclear development is recognised. The remarks come ahead of talks in Geneva with the UK, France, and Germany, where efforts are underway to restore diplomatic engagement over Iran's nuclear programme. 14:45 Veteran investigative journalist Seymour Hersh warned that the United States is preparing for heavy bombing of Iran, possibly as early as this weekend, citing long-standing Israeli and American sources. Hersh said the Trump administration is fully backing Israel's campaign to dismantle Iran's nuclear programme, while hoping for the collapse of the government in Tehran. In a Substack post published Thursday, titled 'What I Have Been Told Is Coming in Iran – The Initial Battle Plan for a New War,' Hersh wrote: 'It will entail heavy American bombing,' based on information confirmed by a senior US official. The official reportedly said the situation would remain 'under control' if Iran's Supreme Leader Ayatollah Ali Khamenei 'departs.' 'Just how that might happen, short of his assassination, is not known,' Hersh added. He criticised the lack of a coherent US strategy: 'There has been a great deal of talk about American firepower and targets inside Iran, but little practical thinking… about how to remove a revered religious leader with an enormous following.' Hersh also warned of wider consequences: 'The most important unanswered question… will be the response of the world, including that of Vladimir Putin, the Russian president who has been an ally of Iran's leaders.' On continued US support for Israel, Hersh wrote: 'The United States remains Israel's most important ally, although many here and around the world abhor Israel's continuing murderous war in Gaza.' 14:30 Brent crude fell over 2 percent, dragging energy stocks lower, as fears of imminent US strikes on Iran eased. European markets rebounded, while Asian indices closed mixed and the dollar slipped. The shift followed President Donald Trump's comments that he would delay a decision on joining Israeli attacks for up to two weeks. His remarks came ahead of talks in Geneva between Iranian and European diplomats. 'Brent crude has dropped... as traders price out the worst-case scenario for geopolitics,' said Kathleen Brooks of trading firm XTB. Earlier concerns that the conflict could disrupt oil supplies had driven prices higher and global equities lower. 'While the immediate prospect of a US intervention may have diminished, it remains a live issue for markets,' said Dan Coatsworth of investment platform AJ Bell. The main US oil benchmark, West Texas Intermediate (WTI), edged up on low post-holiday trading and a drop in US crude stockpiles. Markets are also watching Trump's trade war, as a 90-day pause on new tariffs nears its end. 'Until then... headlines could have an outsized impact,' said David Sekera of Morningstar. 14:00 Russia warned against any attempt to assassinate Iran's supreme leader, saying it would be 'unacceptable' and risk triggering uncontrollable escalation, Sky News reported. Kremlin spokesperson Dmitry Peskov said Russia would react 'very negatively' if Ayatollah Ali Khamenei were killed, describing the situation as 'extremely tense and dangerous not only for the region but globally.' Speaking in Saint Petersburg, Peskov said regime change in Iran would 'open the Pandora's box' and warned that further escalation would only deepen the regional confrontation. He did not specify how Russia would respond, but said any such act would provoke a strong reaction 'from inside Iran.' 'It would lead to the birth of extremist moods inside Iran and those who are speaking about [killing Khamenei], they should keep it in mind. They will open the Pandora's box.' 13:30 European foreign ministers meeting Iranian Foreign Minister Abbas Araghchi in Geneva are expected to relay that the US remains open to direct talks, Reuters reported, citing diplomats. Two diplomats said Araghchi would be urged to send a 'clear signal' by accepting tough restrictions on Iran's nuclear programme. US Secretary of State Marco Rubio reportedly signalled willingness to engage directly with Tehran, though Washington has not formally confirmed this. CNN quoted a US official saying President Donald Trump supports European-led diplomacy aimed at reviving talks. The UK, France and Germany and the EU's foreign policy chief met in Geneva ahead of their meeting with Araghchi. The Swiss city hosted the early stages of talks that led to the 2015 nuclear deal between Iran and world powers. Trump withdrew the US from that agreement on 8 May 2018, reimposing sanctions and triggering the collapse of follow-up negotiations. An EU diplomat said: 'The Iranians can't sit down with the Americans whereas we can. We'll urge them to return to the table before the worst-case scenario.' Iran has repeatedly said it will not engage with the US while Israeli attacks continue. 'There is no room for negotiations with the US until Israeli aggression stops,' Araghchi said on state television. 13:15 Thousands of supporters of powerful Iraqi cleric Moqtada Sadr rallied in Baghdad and other cities against Israel's war with Iran, AFP correspondents said. "No to Israel! No to America!" chanted demonstrators gathered after Friday prayers in the Sadr City district of Baghdad, Moqtada Sadr's stronghold in the capital, holding umbrellas to shield themselves from Iraq's scorching summer sun. "It is an unjust war... Israel has no right" to hit Iran, said protester Abu Hussein. "Israel is not in it for the (Iranian) nuclear (program). What Israel and the Americans want is to dominate the Middle East," added the 54-year-old taxi driver. He said he hoped Iran would come out of the war victorious, and that Iraq should support its neighbour "with money, weapons and protests". In Iraq's southern city of Basra, around 2,000 people demonstrated after the prayers, according to an AFP correspondent. Cleric Qusai al-Assadi, 43, denounced Israel's use of Iraqi airspace to bomb Iran. "It is a violation of Iraq's sovereignty," he said, warning against "a third world war against Islam." Echoing the views of Sadr, Assadi said that Iraq should not be dragged into the conflict. Iraq has long attempted to balance ties between Iran and the US, and has only recently emerged from decades of instability following the 2003 US invasion. 13:00 Thousands of people joined a protest against Israel in the Iranian capital after weekly prayers, chanting slogans in support of their leaders, images on state television showed, AFP reported. "This is the Friday of the Iranian nation's solidarity and resistance across the country," the news anchor said. Footage showed protesters in Tehran holding up photographs of commanders killed since the start of the war with Israel, while others waved the flags of Iran and the Lebanese Shia group Hezbollah. "I will sacrifice my life for my leader," read a protester's banner, a reference to supreme leader Ayatollah Ali Khamenei. According to state television, protests took place in other cities around the country, including in Tabriz in northwestern Iran and Shiraz in the south. 12:45 French President Emmanuel Macron said European powers will present Iran with a 'comprehensive diplomatic and technical offer' to end the escalating conflict with Israel. Foreign Minister Jean-Noël Barrot is expected to meet Iranian counterpart Abbas Araghchi in Geneva later Friday, alongside UK and German officials. Macron said the proposal includes four points: full IAEA access and zero uranium enrichment; limits on ballistic capabilities; restrictions on financing regional proxies; and the release of foreign detainees. He warned that a nuclear-armed Iran poses an 'existential risk' to Israel, but criticised Israeli strikes on civilian and energy infrastructure, saying 'nothing justifies this'. He added that military action alone cannot eliminate Iran's nuclear programme. "No one seriously thinks that this risk (posed by the Iranian atomic drive) can be responded to only through the operations that are currently underway," he said. "There are facilities that are extremely well protected we do not know exactly where the uranium enriched to 60 percent is." 12:00 Several major US airlines have suspended flights to the Middle East, AP reported. United Airlines said it has indefinitely paused flights between Newark, New Jersey, and Dubai, United Arab Emirates. American Airlines announced it is suspending service between Philadelphia and Doha, Qatar, at least through Sunday, and will make 'additional adjustments as needed'. Both airlines said they are monitoring the situation and working to rebook affected passengers. Last week, Delta Air Lines suspended flights to Tel Aviv, where Ben Gurion Airport remains closed to regular scheduled passenger traffic. 11:30 Iranian Foreign Minister Abbas Araqchi ruled out any negotiations with the United States, calling it a 'partner to Israeli crime against Iran'. 'There is no room for negotiations with us until Israeli aggression stops,' Araqchi told Iranian state television, according to Reuters. 11:15 French Foreign Minister Jean-Noël Barrot, according to the Guardian, held talks with US Secretary of State Marco Rubio ahead of the planned Geneva meeting with his UK, German, and Iranian counterparts. A French diplomatic source said Rubio conveyed that the United States is 'ready for direct contact with the Iranians at any moment.' 11:00 Seven people were injured during Iran's missile attack on the southern Israeli city of Beersheba earlier this morning. According to a spokesperson for Soroka Medical Centre, quoted by The Jerusalem Post, the individuals sustained minor injuries while rushing to shelters during the barrage. Follow us on: Facebook Instagram Whatsapp Short link:
