Oil Prices Surge Nearly 6% as US-Israel Strikes Cause Market Volatility

The major averages were lower throughout the morning but have bounced back near noon as markets react to news over the weekend of coordinated U.S.-Israeli strikes against Iran, as well as subsequent regional retaliation. The attacks have generated widespread volatility and elevated uncertainty across asset classes. Many oil and defense names were rising following the news, with the price of oil surging nearly 6% amid concerns of supply disruptions, particularly around the Strait of Hormuz, a critical energy shipping corridor. Meanwhile, travel and airline stocks were falling amid worries around international travel in the region and abroad.Financials, travel, and cyclical stocks have been bearing the brunt of risk aversion, even as defense and energy sectors show relative strength.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Oil stocks such as Exxon Mobiland Chevronwereafter U.S. and Israel attacked Iran over the weekendShares of defense contractors, including Lockheed Martinand Northrop Grumman,after the attacks on IranMeanwhile, travel names such as Expediaand Delta Air Linesafter the attacksAppleintroducedand announced a new iPad AirNvidiais partnering with andwhile also announcing a multiyear strategic agreement with Coherent2. WALL STREET CALLS:Netflixwith Overweight from Neutral at JPMorganCrowdStriketo Overweight at Piper SandlerPiper Sandler and StifelRestaurant Brandsfollowing investor dayNovo Nordiskto Neutral at Goldman SachsWall Streetof recent IPOs Forgent Power Solutionsand Bob's Discount Furniture3. AROUND THE WEB:BYD'svehicle sales dropped 41% year-over-year in February after retail activity in China stood close to a standstill for much of the month, Bloomberg reportsIn February, Teslagained market share in France and Norway, signaling stabilization in Europe after two years of declining sales, Reuters reportsQatarEnergy ceased liquefied natural gas production after military attacks on its Ras Laffan complex, the company said in a statement, according to Bloomberg. U.S. liquid natural gas producers that may react to this news include Cheniere Energyand Venture Global.Australia's internet regulator may push for search engines and app stores to block AI services that fail to verify users' ages, Reuters reports. App store and search engine operators in the space include Apple, Google, and Samsung.Microsoftis weighing releasing its long-rumored E7 enterprise productive software bundle, a more expensive AI-loaded version of Microsoft 365, Business Insider4. MOVERS:Venture Globalgains afterand announcing an LNG purchase agreement with TrafiguraOndashigher after announcing ain World ViewRed Catincreases after announcingthe Red Cat Futures InitiativeuniQurefalls in New York afterand announcing the FDA recommended an additional study for its AMT-130 submissionAES Corp.lower after announcing it will beled by GIP and EQT for $15/share in cash5. EARNINGS/GUIDANCENorwegian Cruise Lineand provided guidance for Q1 and FY26Belite Bio, with EPS beating consensusRadNetand provided guidance for FY26Turning Point Brands, with CEO Graham Purdy commenting, "We are excited by the growth of the modern oral category and the strong performance of our FRE and ALP brands"Uniti Groupand provided guidance for FY26INDEXES:Near midday, the Dow was down 0.12%, or 60.10, to 48,917.82, the Nasdaq was up 0.38%, or 85.68, to 22,752.44, and the S&P 500 was up 0.01%, or 0.98 to 6,879.86.