Stocks waver and oil prices rise after Israeli missile strike on Iran [Video]

Stock futures dipped and oil prices rose in overnight trading after an Israeli missile struck Iran following Iran’s retaliatory attack on the country last weekend.

Investors are closely watching conflicts in the Middle East for signs that escalating hostilities between Israel and Iran threaten global oil supplies and drive up energy prices. 

Crude prices, which rose to their highest level in months after Iran’s drone and missile attack on Israel on April 13, rose above $90 early Friday before relinquishing those gains amid signs that the Iranian government was downplaying the impact of the Israeli attack.

Stock futures on the S&P 500 fell 0.6%, while the Dow Jones Industrial Average  and Nasdaq Composite index declined 0.5% and 0.7%, respectively. Markets opened mixed, with the S&P 500 largely flat, the Dow up 0.4% and the tech-heavy Nasdaq down 0.6%.

“While geopolitics is going to stay a presence in this market for a while … we think the events of the last 12 hours in Iran are encouraging, as they will …