Oil Rises and Stocks Fall as Hormuz Worries Flare
Brent topped $101 a barrel as traders weighed nine October attacks in the waterway against about 12 million barrels a day moving through it.
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Global crude oil prices surged above $100 per barrel after Iran intensified attacks on oil tankers in the Strait of Hormuz, while Asian stocks fell despite U.S. stocks hitting record highs.
Oil rises and stocks fall as Hormuz worries flare
The retreat came as investors brushed off another record day on Wall Street where the Nasdaq and S&P 500 were boosted by a rush back into the AI trade that saw chip titan Nvidia push towards a $6 trillion market capitalisation. Confidence has been given a boost this week as reports said that exports from the Middle East -- excluding Iran -- were pushing back towards pre-war levels. That helped push global benchmark Brent below $100 a barrel and …
Oil prices are steadily above $100 per barrel in Asian morning trading on Wednesday (07/10), as concerns about energy flows from the…More...
Oil contracts are trading steadily above $100 per barrel on international markets, while natural gas is moving in the region of $76... The article Brent at $101, natural gas at $76 amid risks to flows from the Strait of Hormuz was published on NewsIT.
Global oil prices rose following Iran's escalating attacks on ships in the Strait of Hormuz, which has traders worried about the smoothness of global energy supplies.
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