The S&P 500 (SPX) is trading lower on Thursday as Iran sets its sights on key infrastructure sites in the Middle East.
Claim 30% Off TipRanks
New trading tool for QQQ bullsSaudi Aramco, the world’s largest oil producer, briefly suspended crude loadings at the port of Yanbu after its Samref refinery was struck by a drone. Iran had previously placed the facility on its target list after Israel attacked the country’s South Pars gas field.
Trump Considers Sending Ground Troops to Iran
Furthermore, Qatar reported that Ras Laffan Industrial City, the largest liquefied natural gas export facility in the world, received “extensive damage” from Iranian missile strikes. Brent crude futures (BZ), the international oil benchmark, are up by over 3% as supply chain risks intensify.
On the U.S. front, President Trump is weighing the deployment of thousands of troops to the Middle East, according to Reuters. Sources familiar with the matter noted that troops could help secure the Strait of Hormuz or touch down on Kharg Island, Iran’s primary oil export terminal in the Persian Gulf.