US Edition
Oil prices dive, stocks jump as markets seek reprieve from Middle East turmoil
- On Monday, U.S. oil prices dropped 7.2% to $68.51 per barrel after briefly rising above $78 amid escalating Middle East tensions.
- The decline occurred after Iran launched missiles at the U.S. military facility in Qatar, in response to recent American airstrikes targeting Iranian nuclear installations over the weekend.
- Despite fears that Iran might close the Strait of Hormuz, through which 20% of the world's daily oil passes, analysts say Iran likely won’t block it due to its own economic interests.
- Houston analyst Andy Lipow said oil prices would rise to $120-$130 a barrel if the Strait of Hormuz were completely shut down, calling this a conditional risk factor.
- Meanwhile, U.S. stocks rallied with the S&P 500 rising 57.33 points to 6025.17, led by Tesla’s 8.2% gain following its self-driving cab test in Austin, indicating investor optimism amid geopolitical uncertainty.
48 Articles
48 Articles
Business Insider
MSNOil prices tumble, stock futures up after Trump announces Israel-Iran ceasefire
Markets are relieved after President Donald Trump said Israel and Iran have agreed to a ceasefire.Timothy A. Clary/AFP/Getty ImagesOil prices are tumbling after President Donald Trump announced a Israel-Iran ceasefire agreement.Oil prices were already falling after Iran launched strikes on a US airbase in Qatar.Markets saw Iran's strikes as a de-escalatory move as Tehran did not target the Strait of Hormuz.Oil prices are down sharply while stock…
Oil price plunges after Iran does not target energy infrastructure
US futures rise as Donald Trump flags a ceasefire deal between Israel and Iran. Earlier, Iran's retaliatory strikes were not seen as an escalation, leading to a drop in the price of Brent crude. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Temple Daily Telegram
Stocks rally and oil tumbles as Wall Street hopes for a limited retaliation after US strikes on Iran
U.S. stocks rallied, and oil prices tumbled on hopes that Iran will not disrupt the global flow of crude, even with the United States’ entry into its war with Israel.
After Iran's moderate response to the bunker-breaking US bombings, investors hope for an early de-escalation in the Middle East war. Oil prices fall sharply, the indices close in on a plus. References to a fall in interest rates in July also provide momentum.
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