Oil Prices Keep Falling, While U.S. Stocks Hang Near Their Record Highs
Oil fell more than $3 a barrel as hopes for de-escalation in the Iran conflict supported U.S. stocks and global markets.
- On Thursday, hope that the two-month conflict could soon end buoyed international markets, even as the American military fired on an Iranian oil tanker attempting to breach the blockade of the Strait of Hormuz.
- President Donald Trump threatened a new wave of bombing against Iran unless a deal is reached to reopen the crucial Strait of Hormuz, as Iran reviews the latest American proposals on ending the war.
- Oil prices retreated Thursday morning as international markets reacted to the developments, with Brent crude losing $3.30 to $97.97 per barrel while American crude slid $3.23 to $91.85.
- Stocks remained resilient despite the war, with McDonald rising 4.5% on strong quarterly sales, while DoorDash soared more than 10% after reporting stronger profit than expected.
- Following Golden Week holidays, Tokyo's Nikkei 225 gained almost 6% to reach a new record, though strategist Takashi Hiroki of MONEX warned that buying activity remains concentrated on artificial intelligence and semiconductor stocks.
20 Articles
20 Articles
Oil price drops, marketers keep pump price high
By Udeme Akpan, Energy Editor & Ediri Ejor Crude oil prices including Nigeria’s Bonny Light has dropped significantly to $98 per barrel amid growing speculation that the US-Iran war — a major factor driving the current market instability — may soon come to an end. But contrary to expectations pump prices in Nigeria remained high as marketers who had responded swiftly with price mark up earlier in the week following upswing in crude oil price ref…
US stocks hover just below records as oil slips on hopes of an Iran deal
NEW YORK (AP) — The U.S. stock market is hanging just below its records Thursday as oil prices keep dropping on hopes that a deal may be nearing to allow tankers to deliver crude once again from the Persian Gulf to customers. The price for a barrel of Brent crude oil, the international standard, fell 0.5% to $100.71, down from more than $115 early this week. It and gasoline are still much more expensive than they were before the war with Iran be…
The Columbian
Investment ExecutiveOil prices keep falling, while U.S. stocks hang near their record highs
NEW YORK — The U.S. stock market is holding near its records Thursday as oil prices keep dropping on hopes that a deal may be nearing to allow tankers to carry crude once again from the Persian Gulf to customers. Read more...
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