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Oil surges 35% this week for biggest gain in futures trading history dating back to 1983
Oil prices surged above $90 per barrel due to Iran conflict risks and weaker U.S. jobs data, raising stagflation concerns amid volatile stock and bond markets.
- On Friday, oil prices climbed to 2023 highs after surging because of the Iran war, with Brent crude rising 8.3% to $92.53 and benchmark U.S. crude jumping 12.5% to $91.12.
- The Iran war expanded into areas critical to production and movement of oil and gas, raising supply worries as roughly a fifth of the world’s oil passes through the Strait of Hormuz.
- The stock market reacted sharply as the S&P 500 dropped 1.1% after a payrolls report and oil surged above $90, with the Dow Jones Industrial Average down 558 points and Old Dominion Freight Line falling 6.8%.
- Traders warned of stagflation risk as a negative U.S. payrolls report and soaring oil prices raise inflation concerns, limiting Federal Reserve policy options after last year's rate cuts.
- Uncertainty about price duration is fueling volatile trading as frenetic hour-by-hour swings this week reflect concerns over a sustained $100 per barrel scenario.
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28 Articles
28 Articles
Stocks Post Worst Week in Months as Oil Rises, Jobs Fall
With oil shooting past $90 per barrel, its highest price since 2023, because of the Iran war and a report showing a weakened US job market, stocks dropped Friday to cap Wall Street's worst week since October. The Dow fell 453.19 points, or 0.9%, to 47,501.55,...
·Miami, United States
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Oil surges to its highest price since 2023, and stocks drop after data shows a weaker U.S. job market
Oil prices touched their highest levels since 2023 after surging again Friday because of the Iran war, while a weak update on the U.S. job market highlighted the economy’s precarious position. The two trends raised the risk of a worst-case scenario for financial markets, and stocks fell as they neared the finish of a punishing week.
·Canada
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Coverage Details
Total News Sources28
Leaning Left11Leaning Right3Center8Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 36%
14%
Factuality
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