Stock Market Update

[BRIEFING.COM] Oil prices spiked Friday in response to Israel's airstrikes on Iran's nuclear facilities and a residual fear that the conflict will lead to oil supply disruptions.

The market's worst fears about the oil supply situation have not materialized following weekend bombings that, for the most part, left Iran's important oil facilities untouched. Accordingly, oil prices have turned lower in today's action.

WTI crude futures are down 1.4% to $71.92/bbl, while Brent crude futures are down 1.4% to $73.22/bbl.

The S&P 500 energy sector (-0.5%) is drifting lower in response, with Exxon Mobil (XOM 111.88, -0.24, -0.21%) and Chevron (CVX 145.57, -0.34, -0.23%) seeing modest losses.