Markets on Wall Street Poised to Open Higher; Oil Prices Rise as U.S.-Iran Tensions Escalate
- On Monday, oil prices rose as renewed strikes between the United States and Iran threatened energy shipping through the Strait of Hormuz; Brent crude climbed 0.8% to $72.57 a barrel, while West Texas Intermediate futures gained 1.3%.
- Tensions escalated sharply after attacks on ships in the strait began Thursday, violating the interim peace deal, with strikes on a Qatar-linked oil tanker forcing the most significant confrontation since the agreement's inception.
- President Donald Trump threatened to annihilate Iran, writing on Truth Social that "United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!"
- Analysts at ANZ said the market is likely to re-evaluate assumptions of a quick supply recovery from the Persian Gulf, as physical flows remain constrained by tanker backlogs and damaged infrastructure.
- The two sides agreed to meet Tuesday in Doha to discuss halting attacks, while Justin Lin of Global X ETFs Australia noted gold holding above $4,000 "suggests marginal dip buyers have returned and are willing to defend this level.
39 Articles
39 Articles
Oil futures closed higher on Monday, despite the United States and Iran agreeing to halt hostilities in the Strait of Hormuz seen over the weekend. While the news brought some relief to investors, the pace of vessels crossing the Strait of Hormuz has slowed significantly in recent days due to the attacks. Exclusive content for subscribers. For full access, follow the link to the article and register.
Idaho Press
Markets on Wall Street poised to open higher; oil prices rise as U.S.-Iran tensions escalate
U.S. markets were on track to open higher and oil prices inched up after tensions between the U.S. and Iran escalated over the weekend. Futures for the S&P 500 surged 0.8% before the opening bell Monday, while futures for the…
New American attacks on Iran led today to a slight increase in the price of crude oil on the world market.
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