US EditionUS stocks erase sharp losses, while oil prices leap on worries about Iran war
Crude oil prices rose over 6%, reaching $71.23 per barrel, amid fears of Iran conflict disrupting supply and pushing inflation higher, while U.S. stocks recovered losses.
- On Monday, oil prices leaped amid worries that war with Iran could clog global crude flows, with benchmark U.S. crude at $71.23 and Brent crude at $77.74 per barrel.
- A major supplier of liquefied natural gas to Europe halted production due to the war, keeping natural gas prices high and risking winter heating bills despite past Middle East conflicts not causing long-term market drops.
- The S&P 500 index fell as much as 1.2% early but ended 0.3% higher as oil and defense shares rallied, with Exxon Mobil, Marathon Petroleum, Northrop Grumman, RTX, Palantir Technologies, and Nvidia gaining.
- U.S. Treasury yields climbed as higher oil prices raised inflation concerns, which could tie the Federal Reserve's hands and pressure mortgage rates, weighing on D.R. Horton and Sherwin-Williams stocks.
- Morgan Stanley strategists led by Michael Wilson said oil must exceed $100 per barrel to cause sustained U.S. stock declines, while the S&P 500 historically climbs 2%, 6%, and 8% after geopolitical risk events.
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57 Articles
Because of the conflict in the Middle East, investors are rushing to gold, a safe haven that has seen a 2% increase in two days. The price of precious yellow metal could break new records. - "If the conflict gets bogged down, there is a risk of a sharp increase": the war in Iran is making the price of gold jump, which could beat new records (International).
The Blade
Terre Haute Tribune-StarU.S. stocks erase sharp losses, while oil prices leap on worries about Iran war
NEW YORK — Oil prices leaped Monday on worries that war with Iran could clog the global flow of crude and make inflation even worse. U.S. stocks, meanwhile, swung from sharp losses to a tiny gain.
U.S. stocks rebound from sharp losses, while oil prices leap on worries about Iran war
Oil prices leaped Monday on worries that war with Iran could clog the global flow of crude and make inflation even worse. U.S. stocks, meanwhile, swung from sharp losses to a tiny gain.
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