Oil prices climb and stocks fall after exchange of strikes in Middle East
Summary
Oil prices rose more than 5% after President Donald Trump said he believes the agreement with Iran is finished. This came amid renewed military strikes in the Middle East, which also caused U.S. stock markets to fall.Key Facts
- Brent crude oil prices jumped to nearly $78 per barrel in early trading.
- The Dow Jones dropped 600 points (1.1%), the S&P 500 fell 0.6%, and the Nasdaq declined 0.4%.
- President Trump said the U.S.-Iran agreement is likely over but said negotiations with Iran will continue.
- Iran launched attacks on 85 U.S. military sites in Kuwait and Bahrain as retaliation for U.S. airstrikes.
- The U.S. responded with airstrikes on over 80 Iranian targets after Iran attacked commercial ships near the Strait of Hormuz.
- The Strait of Hormuz, a key oil shipping route, had been closed by Iran earlier in the conflict, causing high oil prices.
- A prior U.S.-Iran deal allowed commercial ships through the strait toll-free for 60 days, which helped lower oil prices before tensions rose again.
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