Oil prices rose more than 5% while global stocks were mixed on Monday, as a standoff between Iran and the United States prevented tankers from using the Strait of Hormuz.
The Persian Gulf waterway has been closed again after Iran reversed its decision to reopen the strait, and President Donald Trump said the US naval blockade of Iranian ports remains in place.
Standard US crude gained 5.3% to $87.88 per barrel, while Brent crude, the international standard, rose 5.3% to $95.62 per barrel.
In stock trading, US futures fell, with S&The P 500 and Dow Jones Industrial Average fell 0.7%.
In early European trading, indices fell. The German DAX index lost 1.6%, and the CAC 40 index in Paris fell 1.2% to 8,325.67. The British FTSE 100 index fell by 0.6% to 10,601.64 points.
Despite renewed doubts about how quickly ships can once again move the vast amounts of oil the world gets from the Middle East, stock prices were mostly higher in Asia, although they gave up the bigger gains they made earlier in the session.
In Tokyo, the Nikkei 225 rose 0.6% to 58,824.89, while South Korea’s Kospi rose 0.4% to 6,219.09.
Hong Kong’s Hang Seng Index added 0.8% to 26,361.07 and the Shanghai Composite Index advanced 0.8% to 40,802.13.
Australia S&The P/ASX 200 rose 0.1% to 8,953.30.
In Taiwan, the TAEX index jumped 0.4%. India’s Sensex rose 0.1%, and Bangkok’s SET lost 0.2%.
“The problem with markets is not that there is no hope; it is that it is overpriced,” Stephen Innes of SPI Asset Management said in a commentary. “The recent move higher in stocks is starting to look less convincing and more like momentum feeding on itself.”
On Friday, oil prices fell to where they were in the first days of the year Iran warUS stocks accelerated to a new high register After Iran said the strait was so It opens Once again for commercial tankers carrying crude oil from the Arabian Gulf to customers around the world.
The free flow of oil would ease pressure on gasoline and fuel prices All kinds of other products Which is transported by vehicles. It could even help people ultimately pay less on credit card interest and mortgage bills.
S&The P 500 index jumped 1.2% to an all-time high of 7,126.06 points, ending a third straight week of big gains, its longest streak since Halloween.
The Dow Jones Industrial Average rose 1.8% to 49,447.43 points. The Nasdaq Composite Index rose 1.5% to 24,468.48 points.
The US stock market has jumped more than 12% since it hit Bottom in late March Hopefully, the United States and Iran can avoid the worst-case scenario for the global economy though Their war.
The price of a barrel of benchmark US crude oil fell 9.4% after Iranian Foreign Minister Abbas Araqchi posted on X that passage for all commercial ships through the strait was “declared completely open” as a ceasefire appeared to be holding in Lebanon.
Brent crude fell 9.1%.
After Araqchi’s announcement, Trump said on his social media page: The blockade imposed by the US Navy on Iranian ports It remained “in full force” awaiting agreement on the war, although he also suggested that “it should proceed very quickly since most of the points have already been negotiated.”
President Donald Trump The United States has detained an Iranian-flagged cargo ship that attempted to circumvent a naval blockade, the United States announced Sunday. Iran’s Joint Military Command said Tehran would respond soon and described the US seizure of the ship as an act of piracy.
A fragile two-week ceasefire agreement between the United States and Iran is set to expire on Wednesday, while escalating tensions in the Strait of Hormuz raise questions about… New talks to end the war.
Since the war began, market sentiment has oscillated between optimism and pessimism about when the fighting will end and the costs to the global economy. A strong start to the earnings reporting season for major US companies helped support stocks.
In other trading early Monday, the US dollar rose to 159.02 Japanese yen from 158.79 yen. The euro rose to $1.1759 from $1.1742.