US EditionGlobal Oil Shock Pushes Oklahoma Gas Prices Higher as War in Iran Rattles Markets
Crude oil prices rose above $100 per barrel due to Iran's threats to close the Strait of Hormuz, causing global stocks to fall and the U.S. dollar to strengthen as a safe haven.
- On March 13, Reuters reported Brent crude rose to $103.14, settling above $100 as an Indian tanker sailed out of the Strait of Hormuz amid supply concerns.
- Shipping in the Strait of Hormuz faces disruptions as Iran vows to keep it closed, including the Luojiashan tanker anchored in Muscat on March 7.
- Safe havens strengthened as the U.S. dollar gained 0.8% on Friday, with the S&P 500 falling 0.61%, the Nasdaq dropping 0.93%, and the Dow slipping 0.26%.
- Market pricing shifted as traders pared expected Fed easing to 20 basis points, with high oil costs pressuring banks, materials and consumer cyclicals as defensive pockets outperform, while the two-year U.S. Treasury note fell to 3.73% and the U.S. 10-year note ticked up to 4.283%.
- Investor focus will switch to central bank meetings next week, with Mitch Reznick stating, 'Headlines are coming at the market like water from a fire hose, which is impacting the price of oil, and consequently, financial markets.
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US consumers could be facing higher gas prices for a while.
Motorists pump gas at a Murphy's USA gas station after a barrel of oil passed the $100 mark for the first time in four years.Brandon Bell/Getty ImagesUS stocks and the greenback are shrugging off the Iran conflict, but American consumers face pain.Finance professor Derek Horstmeyer flagged the risk of persistent inflation in a recent interview.AI companies might carve out niches, and bears should be careful betting against the boom, he said.Amer…
Stock Market Today, March 13: Markets Fall as Oil Prices Soar and Iran War Continues
The S&P 500 (SNPINDEX:^GSPC) fell 0.61% to 6,632.19, the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 0.93% to 22,105.36, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.26% to 46,558.47 as surging oil prices pressured equities.Market moversEnergy and other defensive pockets outperformed while cyclicals lagged today. Ollie’s Bargain Outlet (NASDAQ:OLLI) gained following yesterday’s Q4 earnings. Micron Technology (NASDAQ:MU) incre…
Global oil shock pushes Oklahoma gas prices higher as war in Iran rattles markets
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