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.

“The Iran-Israel conflict has not impacted the flow of oil in the Middle East, which is why oil price reactions to the recent military escalation have been relatively muted,” Jim Burkhard, head of research for oil markets, energy and mobility, S&P Global Commodity Insights, said in an email. “However, with no sign that hostilities will de-escalate, direct attacks by Iran and Israel are a new and dangerous phase of mutual antagonism that could …