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Oil Jumps, US Jobs Surge, Markets Plunge Globally

6/9/2026

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Summary

Story summary

Brent crude rose to $97 per barrel, up 4.2%, after Israel’s Beirut airstrike and Iran’s missile fire.
U.S. May payrolls increased by 175,000, far above the 85,000 forecast.
Analysts warned that the oil surge and strong jobs data could keep Federal Reserve rates high.
The S&P 500 fell 2.6% and the Nasdaq dropped 4.2% on Friday.
South Korea’s Kospi slid 8.3% to 7,484.41 as Samsung fell more than 10%.

History

Historical Context

In October 1973 OAPEC announced an oil embargo against the United States and other Israel supporters, prompting President Richard Nixon to ask gasoline stations to halt weekend sales. The embargo caused world crude to jump from about $3 to $12 per barrel—a roughly 400 % rise—and spurred the creation of U.S. strategic petroleum reserves that still shape policy today.

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Story summary

Brent crude rose to $97 per barrel, up 4.2%, after Israel’s Beirut airstrike and Iran’s missile fire.
U.S. May payrolls increased by 175,000, far above the 85,000 forecast.
Analysts warned that the oil surge and strong jobs data could keep Federal Reserve rates high.
The S&P 500 fell 2.6% and the Nasdaq dropped 4.2% on Friday.
South Korea’s Kospi slid 8.3% to 7,484.41 as Samsung fell more than 10%.

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