US stocks climb to their best day since the Iran war began after oil prices ease
Newsy
A drop in oil prices on Monday helped send the U.S. stock market to its best day since the war in Iran began.
A drop in oil prices on Monday helped send the U.S. stock market to its best day since the war in Iran began.
The S&P 500 climbed 1% for its biggest gain in five weeks. The Dow Jones Industrial Average added 387 points, or 0.8%, and the Nasdaq composite jumped 1.2%.
The driver for markets once again was the price of oil. A barrel of benchmark U.S. crude fell 5.3% to settle at $93.50, easing some pressure off the economy after topping $102 earlier in the morning. Brent crude, the international standard, fell 2.8% to $100.21 per barrel after earlier getting as high as $106.50.
It’s a reprieve, for now at least, after oil prices spiked from roughly $70 before the United States and Israel began their attacks on Iran. In response, Iran has nearly halted traffic through the narrow Strait of Hormuz, where a fifth of the world’s oil typically sails from the Persian Gulf to customers worldwide. That has oil producers cutting production because their crude has nowhere to go.
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