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US Stock Market Remains Calm, Even as Oil Prices Rise
The International Energy Agency plans to release 400 million barrels from emergency stockpiles to ease supply risks amid Middle East tensions driving oil prices above $90 per barrel.
- On Wednesday, the International Energy Agency said its members will release a record 400 million barrels from emergency stockpiles to ease acute supply risks tied to the Middle East war.
- Worries centered on the Strait of Hormuz, where a fifth of the world's oil sails; the war has halted most traffic, filling regional storage tanks and constraining flows.
- The price for Brent crude, the international standard, rose 4.8% to settle at $91.98, while U.S. benchmark crude gained 4.6% to $87.25 amid Strait of Hormuz concerns.
- Because of the spike in oil prices, traders pushed back forecasts for when the Federal Reserve could resume rate cuts; the 10-year Treasury yield climbed to 4.22% from 4.15% late Tuesday.
- A report released Wednesday showed U.S. consumers paid prices for groceries, gasoline and other costs 2.4% higher in February than a year earlier. Gary Schlossberg, global strategist at Wells Fargo Investment Institute, warned of a "spring bulge in inflation" tied to the Iran war's energy-price impact.
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The Columbian+18 Reposted by 18 other sources
US stock market remains calm, even as oil prices rise
NEW YORK (AP) — The U.S. stock market remained calm Wednesday, even as the price of oil got back to rising. Read more...
·Vancouver, United States
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Pénzcentrum
PénzcentrumOil prices are rising sharply as the escalating US-Israeli-Iran conflict in the Middle East causes increasing disruptions to energy supplies. Brent briefly crossed $100 a barrel again, while attacks on tankers, port closures and uncertainty around the Strait of Hormuz increasingly prepare the market for a lasting supply shock.
Coverage Details
Total News Sources22
Leaning Left7Leaning Right1Center6Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 43%
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