Stocks swing and oil prices rise as uncertainty about the war with Iran weighs on Wall Street
BNN Bloomberg
Uncertainty is weighing on Wall Street about a possible end to the war with Iran, and stock indexes are slipping as oil prices rise on Thursday.
The S&P 500 fell 0.4 per cent and gave back most of its gain from the day before. The Dow Jones Industrial Average was edging up by 42 points, or 0.1 per ent, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.6 per cent lower.
Stock markets fell more sharply in much of Asia and Europe. They’re the latest flip flops in a week that began with President Donald Trump’s announcement of productive talks about ending the war, which only led to Iran’s public dismissal. Iran issued its own plan for a ceasefire, which includes reparations for the war.
On Thursday, the fighting continued. Thousands more U.S. troops neared the region, while Tehran tightened its grip on the crucial Strait of Hormuz. The narrow waterway typically sees a fifth of the world’s oil sail through it to exit the Persian Gulf and reach customers worldwide.
A barrel of Brent crude oil climbed 3.8 per cent to US$100.93 as hopes dimmed for a potential return to normal for the strait. That’s up from roughly $70 before the war began. Benchmark U.S. crude climbed three per cent to $93.05 per barrel.
“They better get serious soon, before it is too late,” Trump said on his social media network about Iran’s negotiators, “because once that happens, there is NO TURNING BACK, and it won’t be pretty!”
Crude oil prices have dipped slightly amid hope for an easing of conflict in the Middle East, but remain far above prices before the United States launched its attack against Iran.
Hopes for a possible end to the war with Iran pushed stocks higher on Wall Street Wednesday, while oil prices eased.
Building or rebalancing your portfolio and wondering what investments to consider next? Here’s what leading experts featured on BNN Bloomberg say investors should consider adding and dropping from their portfolios today.
Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth.
Canada’s main stock index was up nearly 300 points in late-morning trading, helped by strength in the base metals and utilities sectors, while U.S. stock markets also climbed.
Muted reaction to U.S.-Iran talks reflects fragile sentiment as recession risks rise and bond yields climb amid ongoing geopolitical uncertainty.
Aecon Group Inc. says a joint venture has finalized a US$691-million contract with the U.S. Army Corps of Engineers for a project in Washington state.
U.S. corporate finance chiefs’ outlook for the economy improved over the first months of the year, at least until the outbreak of the U.S.-Israeli war on Iran, with executives expecting to increase employment amid solid revenue growth, though with continued pressure as well to raise prices, according to a Federal Reserve survey.
U.S. suppliers have shipped approximately 30,000 barrels of fuel to Cuba’s private sector this year to date, according to documents and shipping data viewed by Reuters, suggesting a Trump administration plan to give private business a leg up over state-run enterprise is well underway.
Mining analyst sees copper, gold and lithium stocks benefiting from supply constraints, electrification and long-term demand trends.
An oil refinery fire near the Texas coast was put out Tuesday and a shelter-in-place order was lifted following air-quality testing, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.
A U.N. Security Council resolution calling for countries to use “all necessary means” to keep the Strait of Hormuz open is facing some opposition for raising the possibility of U.N.-backed military action against Iran, according to three council diplomats.
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday.