US Stocks Waver as Tech Companies Slip and Oil Prices Continue Falling
- On Wednesday, Brent and U.S. crude prices fell 1.5% and 1.3% to $76.75 and $72.87 a barrel, marking their lowest levels since before the US-Israel-Iran war began on Feb. 28.
- This decline follows a memorandum signed last week between the United States and Iran, which restored shipping through the Strait of Hormuz without tolls, insurance costs, or charges for vessels.
- Maritime intelligence firm Kpler reported that at least 172 vessels have passed through the waterway since the deal's signing, including 42 ships on Saturday alone, signaling recovery in trade.
- Gasoline prices fell below $4 per gallon last week, reflecting a 13% decline of 58 cents over the past month, according to AAA data as oil costs eased.
- Broader markets wavered on Wednesday as technology stocks slipped, with traders concerned that potential interest rate hikes later this year could hamper economic growth.
96 Articles
96 Articles
Oil Fell to the Pre-War Level: Why Not Lower the Naphtha and the Effects on the Dollar and Inflation
The oil plummeted by 22% in a month and now consumers are "returning" money to the oil companies.In just 2 or 3 months they could lower the fuels locally.Impact on the record trade balance.
Oil nears pre-war levels, but a top economist warns lower prices could mean higher inflation
Apollo Global Management chief economist Torsten Sløk said the reopening of the Strait of Hormuz will overheat the economy, contributing to higher inflation.Elke Scholiers/Getty Images; Bloomberg/Getty ImagesOil prices have slid back toward pre-war levels as crude flows pick up in the Strait of Hormuz. Apollo's top economist Torsten Sløk says lower oil prices may lead to higher inflation."The reopening of the Strait of Hormuz will further overhe…
Crude prices closed with more than 4% declines, contributing in terms of more since the U.S. and Israel started the war against Ir n.
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