Oil Heads Toward Record Monthly Gain, Equities Mixed
Oil prices are nearing their largest ever monthly increase due to the ongoing war with Iran, causing concerns about inflation and recession. The US Federal Reserve is waiting to see how the war affects the economy and inflation, while investors are increasingly uneasy about the conflict's impact on global markets.
Benchmark oil prices extended gains on Monday, driven by the war with Iran. US Treasury prices rose, with yields declining across the curve. The Dow Jones Industrial Average rose 0.11% to 45,216.14, while the S&P 500 fell 0.39% to 6,343.72. Brent crude futures settled up 0.2% at $112.78 per barrel, and US crude surged 3.3% to $102.88. The conflict has sent prices for oil, gas, and other commodities surging. The US Federal Reserve is monitoring the situation, with Chair Jerome Powell saying the central bank can wait to see how the war affects the economy and inflation.
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