US Edition
Oil surges 35% this week for biggest gain in futures trading history dating back to 1983
Oil prices surged above $90 per barrel due to Iran conflict risks and weaker U.S. jobs data, raising stagflation concerns amid volatile stock and bond markets.
- On Friday, oil prices climbed to 2023 highs after surging because of the Iran war, with Brent crude rising 8.3% to $92.53 and benchmark U.S. crude jumping 12.5% to $91.12.
- The Iran war expanded into areas critical to production and movement of oil and gas, raising supply worries as roughly a fifth of the world’s oil passes through the Strait of Hormuz.
- The stock market reacted sharply as the S&P 500 dropped 1.1% after a payrolls report and oil surged above $90, with the Dow Jones Industrial Average down 558 points and Old Dominion Freight Line falling 6.8%.
- Traders warned of stagflation risk as a negative U.S. payrolls report and soaring oil prices raise inflation concerns, limiting Federal Reserve policy options after last year's rate cuts.
- Uncertainty about price duration is fueling volatile trading as frenetic hour-by-hour swings this week reflect concerns over a sustained $100 per barrel scenario.
32 Articles
32 Articles
Stocks Post Worst Week in Months as Oil Rises, Jobs Fall
With oil shooting past $90 per barrel, its highest price since 2023, because of the Iran war and a report showing a weakened US job market, stocks dropped Friday to cap Wall Street's worst week since October. The Dow fell 453.19 points, or 0.9%, to 47,501.55,...
Oil surges to its highest price since 2023, and stocks drop after a weak update on the U.S. job market
Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October.
Oil surges to its highest price since 2023, and stocks drop after data shows a weaker U.S. job market
Oil prices touched their highest levels since 2023 after surging again Friday because of the Iran war, while a weak update on the U.S. job market highlighted the economy’s precarious position. The two trends raised the risk of a worst-case scenario for financial markets, and stocks fell as they neared the finish of a punishing week.
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