Stock Market Today: Oil Rises on Mideast Jitters, Pushing Yields Higher
Crude oil prices surged as much as 5% following fresh attacks on tankers in the Strait of Hormuz and growing tensions with Iran. The spike in energy costs dragged down US equities, sending the Nasdaq Composite down more than 1% in its largest single-day loss since mid-August. Treasury yields climbed higher as bond markets suffered alongside a continuing global sell-off, while the US dollar extended gains. Prices experienced some fluctuation over the potential release of emergency reserves, but supply concerns remained severe.
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- ✓ Oil prices jumped as much as 5% due to fresh Iranian attacks in the Strait of Hormuz that disrupted tanker traffic.
- ✓ The Nasdaq Composite dropped more than 1% in its biggest one-day loss since mid-August.
- ✓ Crude oil prices and refinery margins generally increased throughout the third quarter.
What changed
Oil prices jumped up to 5% after renewed Iranian attacks disrupted tanker traffic in the Strait of Hormuz.
Live updates
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Oil Jumps on Middle East Jitters, Sending Stocks and Bonds Down
Crude oil prices surged as much as 5% following fresh attacks on tankers in the Strait of Hormuz and growing tensions with Iran. The spike in energy costs dragged down US equities, sending the Nasdaq Composite down more than 1% in its largest single-day loss since mid-August. Treasury yields climbed higher as bond markets suffered alongside a continuing global sell-off, while the US dollar extended gains. Prices experienced some fluctuation over the potential release of emergency reserves, but supply concerns remained severe.
Why it matters
The disruption in the Strait of Hormuz threatens vital global petroleum flows, triggering broader economic anxiety after a steady third-quarter climb in refinery margins and crude prices. Safe-haven demand has propelled the dollar upward for four consecutive weeks amid rate-hike speculation. Meanwhile, regional disruptions continue to threaten equity market rallies and pressure government bond yields worldwide.
What is confirmed
- Oil prices jumped as much as 5% due to fresh Iranian attacks in the Strait of Hormuz that disrupted tanker traffic.
- The Nasdaq Composite dropped more than 1% in its biggest one-day loss since mid-August.
- Crude oil prices and refinery margins generally increased throughout the third quarter.
Still unconfirmed
- Oil prices fell later on the possible release of more reserves.
What to watch next
- Any official announcements regarding the release of emergency oil reserves.
- Further updates on tanker traffic and security conditions in the Strait of Hormuz.
confidence 90%Sources used for this update (13)
- U.S. Energy Information Administration (EIA) (.gov) — Crude oil prices and refinery margins generally increased throughout the third quarter
- www.aljazeera.com — US stocks slide as oil prices fluctuate over renewed Iran war ...
- Reuters — Oil rises as Middle East supply concerns persist amid shipping attacks
- WSJ — Stock Market Today: Oil Rises, Bonds Fall Again — Live Updates
- www.theguardian.com — Oil prices rise sharply on Middle East tensions and US ...
- CNN — Oil prices jump amid record tanker attacks in Hormuz
- Financial Times — Oil prices jump on tanker attack and slowing flows through Strait of Hormuz
- nypost.com — Oil prices jump 5%, pushing Treasury yields higher and stocks ...
- www.cnbc.com — Stock market today: Live updates - CNBC
- www.briefs.co — Oil surge and rate talk keep the dollar climbing into a fourth straight week
- www.briefs.co — European Bond Market Finds Its Footing as Oil Slides Toward $100
- economictimes.indiatimes.com — Broadening rally in stocks hits an economic roadblock
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