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Market Close: NZ Shares Slip as Oil Price Rises Amid Gulf Shipping Concerns
Iran's attacks have halted one-fifth of global oil trade through the Strait of Hormuz, prompting the International Energy Agency to release a historic 400 million barrels of emergency oil.
- On Thursday, markets on Wall Street retreated as oil prices jumped 5% and the conflict approached its second week with no sign the United States or Israel would scale back attacks.
- Iran escalated attacks targeting Gulf Arab oil fields and refineries to pressure the United States and Israel, with strikes around the Strait of Hormuz sending oil more than 9% higher.
- Before the open, futures slid with Brent climbing $5.34 to $97.32 and U.S. crude rising $4.52 to $91.77, while S&P 500 futures fell 0.5%.
- In response, the International Energy Agency agreed to release 400 million barrels Wednesday, while the United States planned to release 172 million barrels next week from its Strategic Petroleum Reserve.
- Oxford Economics warned volatility will remain with the Strait of Hormuz effectively closed, and Oxford analysts said prices could spike as high as $140 per barrel.
Insights by Ground AI
21 Articles
21 Articles
The markets remain attentive to the development of the conflict in Iran, while the uncertainty remains. Thus, this Wednesday the oil rose again while the stock markets closed with mixed results.This Wednesday the events were far from giving the impression of a deescalation. On the one hand, a projectile caused damage to a container ship in the Strait of Ormuz, adding to the other three ships that had been attacked the previous day.
·Chile
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Total News Sources21
Leaning Left4Leaning Right3Center6Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 31%
C 46%
R 23%
Factuality
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