World shares fell Monday as financial markets were rattled by escalating tensions in the Middle East following the killing by a U.S. air strike of an Iranian general.
Germany's DAX dropped 1.9% to 12,968.93 and the CAC 40 in Paris gave up 1.3% to 5,967.66. In London, the FTSE 100 lost 1.1% to 7,540.92. The future contract for the S&P 500 declined 0.7%, while that for the Dow Jones Industrial Average lost 0.8%.
Esmail Ghaani's threat came as the backlash over the U.S. killing of top Iranian general Qassem Soleimani mounted, with Iraq's parliament calling for the expulsion of all American troops from Iraqi soil. Asian economies depend heavily on oil from the Middle East, and oil prices surged, with benchmark U.S. crude oil up 85 cents, or 1.3%, to $63.89 per barrel. It jumped 3.1% to $63.05 per barrel on Friday. Brent crude, used to price international oils, rose $1.11 or 1.6% to $69.71 per barrel. It rose $2.35, or 3.5%, to close at $68.60 per barrel on Friday.
On Friday, the S&P 500 dropped 0.7% to 3,234.85, ending with a 0.2% loss for the week. The Dow Jones Industrial Average fell 0.8%, to 28,634.88. The Nasdaq lost 0.8% to 9,020.77 and the Russell 2000 index of smaller company stocks gave up 0.4% to 1,660.87.
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