US EditionOil Prices Drop More than 10% and US Stocks Soar After Iran Reopens the Strait of Hormuz
Benchmark crude fell 13.4% as traders priced in lower supply risk after Iran said commercial passage through the strait was open.
- Oil prices plunged about 13% on Friday after Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz open for the remaining ceasefire period, while President Donald Trump claimed Iran agreed to keep the waterway permanently accessible.
- Iran's disruption of the strategic waterway during the US-Israeli offensive had previously driven oil prices to nearly $120 a barrel, and a US naval blockade involving more than 10,000 personnel remains in "full force."
- Benchmark US crude fell to $79.31 per barrel, while the Dow Jones Industrial Average surged 978 points; fuel-heavy sectors including Royal Caribbean Group gained 10.4%, leading the market rally.
- President Donald Trump stated the conflict "should be ending pretty soon" as negotiations over a three-page memorandum to end the war progress, though he maintained the US naval blockade on Iran would continue until a deal is reached.
- Markets remain cautious with prices above the $70 pre-war level, and European supply chains remain tight as it takes roughly 21 days for crude shipments to reach Rotterdam.
26 Articles
26 Articles
Why Is Exxon Mobil Stock Dropping Friday? Oil Sell-Off Hits Energy Names - Exxon Mobil (NYSE:XOM)
Exxon Mobil Corp (NYSE:XOM) shares are trading lower Friday morning after Iran said the Strait of Hormuz would remain open to all commercial vessels for the duration of the ceasefire, a development that triggered a sharp sell-off in crude and pressured oil-linked equities. Exxon Mobil stock is feeling bearish pressure. Why is XOM stock dropping? Hormuz Reopening Sends Oil Prices Lower Iran's foreign minister said the passage was "completely ope…
Oil falls by 13% after Iran declares Strait of Hormuz open
Oil prices plunged by about 11 per cent on Friday, extending earlier losses, after Iran's foreign minister said that passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
NEW YORK (AP) — Oil prices plunged more than 13% as U.S. stocks raced to a new record high after Iran declared the Strait of Hormuz fully open, which…
Oil prices drop 13% and the Dow soars over 1,000 points after Iran reopens the Strait of Hormuz - Boston News, Weather, Sports
NEW YORK (AP) — Oil prices dropped more than 13% Friday, and U.S. stocks raced toward another record after Iran said the Strait of Hormuz is open again for oil tankers carrying crude from the Persian Gulf to customers worldwide. The S&P 500 leaped 1.4% as Wall Street rallied toward the finish of a third straight week of big gains, its longest such streak since Halloween. A freer flow of oil would not only help drivers angry about expensive gasol…
International oil prices reacted downwards after Iran reopened the Strait of Ormuz, the main crude sea traffic route where before the war it moved around 20% of the global supply. According to data from Bloomberg, the WTI (West Texas Intermediate) collapsed 13.03 per cent at 11:01 a.m. to $82.26 a barrel. In turn, the European Brent fell by 12.18 per cent to US$87,28. Oil prices fell It was Iran’s Foreign Minister, Abás Araqchí, who confirmed th…
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