Oil jumps on Hormuz tensions, stocks mostly retreat
US and European stocks declined on Monday as oil prices surged due to escalating tensions in the Middle East after Iran closed the Strait of Hormuz. The market is cautious ahead of diplomatic talks between the US and Iran.
US and European stocks fell on Monday as oil prices jumped over 5% due to rising tensions in the Middle East. Iran closed the Strait of Hormuz, a critical waterway for global oil and liquefied natural gas, after briefly reopening it. The move followed a US-Iran ceasefire that is set to expire soon. Diplomatic talks between the two countries are scheduled to resume in Pakistan, but Iran has said it will not attend while the US blockade remains in place. The S&P 500 and Nasdaq Composite edged down from record closes, while European indices suffered sharper losses. Oil prices rose to $89.61 per barrel for West Texas Intermediate and $95.48 per barrel for Brent North Sea Crude.
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