FTSE 100 Live: Stocks Drop as Oil Rises After US Blockade on Iran
Brent crude climbed after Trump said the United States was reinstating a blockade and charging 20% on cargo through the strait.
- Brent crude oil rose 7.8 per cent to $US81.92 as the United States and Iran each claimed control over the Strait of Hormuz, escalating tensions in a critical shipping corridor.
- President Donald Trump reinstated a blockade on Iranian ships and demanded 20 per cent payments on all cargo shipped through the strait to reimburse the United States for providing protection.
- Wall Street retreated as hostilities in the Middle East intensified, with Treasury yields climbing to 4.62 per cent from 4.56 per cent late Friday amid investor anxiety over expensive oil and inflation.
- Chip stocks led the market decline, with Micron Technology sinking while The South Korean tech giant Hynix plunged 15.4 per cent in Seoul, its worst performance since 1997.
- Rising Treasury yields could prompt the Federal Reserve and other central banks to raise interest rates to combat inflation; higher rates may stabilize prices but threaten to slow economic growth and hurt investment valuations.
49 Articles
49 Articles
Oil prices moderated its advance this Tuesday after President Donald Trump withdrew from his project of charging tolls on ships transiting through the Strait of Ormuz. After rising more than 5% early in the day, the price of Brent's North Sea barrel, for delivery in September, ended with an increase of 1.72%, to $84.73. That of its US equivalent, the West Texas Intermediate (WTI), for delivery in August, advanced 1.54% to $79.34. Both crude refe…
The blockade in the Strait of Hormus causes fluctuations in the global energy economy. Above all, the crude oil factor has a major influence on what is happening in Ukraine and Iran. "If the blockade is dissolved, the price could fall quickly," says energy expert Frank Umbach.
Oil prices jump as US renews Iran strikes
What happenedThe price of oil has jumped nearly 10% following renewed violence in the Strait of Hormuz. Brent crude futures climbed to $83 a barrel Monday, marking the “largest daily percentage gain since May 2020,” The Wall Street Journal said. The U.S. military launched its third straight night of attacks against Iran Monday night; Iran responded by striking two United Arab Emirates tankers. Who said whatThe new attacks “signaled a return to o…
Oil prices surge 10% as US-Iran conflict reignites
Oil prices jumped 10% Monday, the biggest single-day rise since 2020, signaling that markets do not expect a return to pre-war norms as conflict between the US and Iran reignited. US President Donald Trump said he would re-impose a blockade and start charging tolls on the Strait of Hormuz, effectively ending a month-long ceasefire. Trump has few good options, The New York Times reported: Neither warfare nor diplomacy has achieved his goals, and …
WTI Oil holds at monthly highs around $80.00 as Iran’s conflict escalates
Oil prices extend gains on Tuesday, with the barrel of the US benchmark West Texas Intermediate (WTI) consolidating at one-month highs in the $80.00 area, trading about 18% above the lows seen in early July. The escalating tensions between the US and Iran keep buoying Crude prices, as rival countries exchanged attacks for the sixth consecutive day on Monday, while the US military announced the return of the blockade for ships going in and out of…
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