Browsing: oil prices

On Monday, U.S. markets experienced a rally driven by gains in major technology stocks and a significant drop in oil prices. The Dow Jones Industrial Average increased by 693.38 points, or 1.32%, closing at a record 53,178.41. Meanwhile, the S&P 500 advanced 1.48% to 7,600.50, just shy of its all-time high, and the Nasdaq Composite surged 2.13% to 25,913.90, leading the primary indexes. The market’s positive momentum marked a broad-based start to August, spanning both large and small-cap stocks.

President Donald Trump announced that the United States would put off an imminent attack on Iran if negotiators could reach a swift agreement. He emphasized that the proposed deal needed to reopen the Strait of Hormuz and address Iran’s nuclear activities. Trump also mentioned that Israel supported efforts to finalize the arrangement. His statement led to the suspension of preparations for another round of U.S. strikes, with officials not having released a signed agreement or detailed terms as of Monday morning.

US stocks ended lower after oil prices surged and chipmakers sold off, leaving the Nasdaq with the steepest decline among major indexes.

Brent crude jumped 9.6% to $83.30 and WTI rose 9.4% to $78.14 as Gulf shipping disruption drove a broad rally across global oil markets.

Gold prices recovered from a two-week low after a 3% selloff linked to rising oil, inflation pressure and stronger rate hike bets.

Brent crude climbed above $79 while WTI passed $74 as fresh US-Iran attacks coincided with reduced shipping through the Strait of Hormuz.

Brent crude closed at $74.16 while WTI settled at $70.44, with oil markets tracking Iranian oil rules and Strait of Hormuz shipping.

Dollar heads for a weekly gain as the yen nears 160 per dollar, with Japan intervention data and rate gaps in global market focus.

South Korea airlines cut roughly 900 round-trip flights as soaring jet fuel prices pushed carriers to trim routes and curb costs further.

Bank of Korea kept its benchmark rate at 2.50% for a seventh straight meeting, citing higher inflation pressure, weaker growth and market volatility.