Oil prices rise and US stocks give back a bit of their record-breaking rally
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US stocks fell slightly after a record-breaking rally as oil prices rose due to increased US-Iran tensions. The S&P 500 slipped 0.2% from its all-time high, while Brent crude oil topped $95 per barrel.
US stocks gave back some of their gains after a record-breaking rally as oil prices rose due to increased tensions between the US and Iran. The S&P 500 fell 0.2% from its all-time high. The price of Brent crude oil climbed to $95.48 per barrel, driven by concerns that Iran could block tankers from exiting the Strait of Hormuz. Investors remain cautious, with a ceasefire agreement between the US and Iran set to expire on Tuesday night. Companies with high fuel costs, such as airlines, saw significant losses, while TopBuild jumped 18.7% after being acquired by QXO in a $17 billion deal.
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