Oil prices and stocks climb as the US-Iran standoff keeps the Strait of Hormuz in limbo
Summary
Oil prices rose sharply after Iran closed the Strait of Hormuz again, a key route for global oil shipments. Despite the uncertainty over oil transport, stock markets in Asia mostly went up, while U.S. stocks recently reached record highs on hopes for peace between the U.S. and Iran.Key Facts
- The Strait of Hormuz, a crucial waterway for oil shipments, was closed again by Iran.
- President Donald Trump said the U.S. Navy blockade of Iranian ports continues.
- U.S. benchmark crude oil rose 6% to $87.51 per barrel; Brent crude increased 5.4% to $95.26 per barrel.
- Asian stock markets mostly gained, with Tokyo’s Nikkei up 0.6% and Hong Kong’s Hang Seng up 0.7%.
- Some markets like Thailand’s SET dropped slightly by 0.2%.
- U.S. stocks hit new highs: the S&P 500 rose 1.2%, Dow Jones 1.8%, and Nasdaq 1.5%.
- The S&P 500 has increased over 12% since late March on hopes for avoiding a severe global economic impact from the U.S.-Iran standoff.
- Opening the strait previously helped lower oil prices, which affects costs for gasoline, other products, and even things like credit-card interest and mortgages.
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