Geopolitical concerns heightened after Iran said it will strike US bases in the Middle East if nuclear talks fail and conflict arises with Washington

Stocks were under pressure around the globe, with U.S. index futures down sharply after Israel launched strikes across Iran that it said were aimed at crippling the country's nuclear program. Oil prices soared,

Analysts are making credible arguments that oil could slump into the $40s—or soar to $120. Even for a commodity with a volatile history like oil, that price range is remarkable. Late on Wednesday, Brent crude,

JP Morgan downplayed geopolitical concerns on Thursday and maintained its base case forecast for oil prices to stay in the low-to-mid $60s through 2025 and $60 in 2026, but said certain worst-case scenarios could send prices surging to double those levels.

Oil surged as the US government ordered a partial evacuation of its embassy in Iraq amid rising security risks.