Oil prices rise toward $100 as stocks slow on doubts about the US-Iran ceasefire
AP News • • business
Key Points:
- Oil prices surged nearly 7% to over $100 per barrel amid tensions in the Strait of Hormuz, with Iran suggesting the area has been mined, raising concerns about potential supply disruptions.
- Global stock markets retreated slightly after a strong rally the previous day, as disagreements between the U.S., Iran, and Israel over ceasefire terms tempered investor optimism.
- The S&P 500, Dow Jones, and Nasdaq all dipped modestly, while mixed U.S. economic data, including higher-than-expected inflation and increased unemployment claims, contributed to market caution.
- Treasury yields rose slightly, reflecting concerns that sustained high oil prices could keep inflation elevated and complicate the Federal Reserve's efforts to cut interest rates despite a slowing economy.
- Individual stocks showed volatility, with Simply Good Foods dropping sharply on disappointing revenue, while Constellation Brands gained after reporting better-than-expected quarterly results but withdrew its financial forecast due to uncertainty.
