Wall Street slides, oil prices again over $100 a barrel as US and Iran trade threats over ports
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Oil prices have risen above $100 per barrel after US-Iran talks failed to end the conflict. US stocks have held steady, indicating that Wall Street still sees a chance for both sides to avoid a worst-case scenario for the global economy.
Oil prices rose above $100 per barrel on Monday after US-Iran talks failed. The S&P 500 was virtually unchanged, while the Dow Jones Industrial Average was down 0.5%. The oil market showed more concern, with prices rising over 6%. The US has announced a blockade of the Strait of Hormuz, raising pressure on Iran. Iran has responded by threatening all ports in the Persian Gulf and the Gulf of Oman. The price of Brent crude rose to $101.90 per barrel. US companies are beginning to report their quarterly earnings, with Goldman Sachs reporting a profit of $5.63 billion.
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