#oil prices

#oil prices

Stock futures extended their rally Wednesday morning as oil prices retreated on news that an Iran agreement would restore commercial traffic through the Strait of Hormuz to pre-war levels within one month. The move builds on a record-setting Tuesday, when both the S&P 500 and Nasdaq Composite closed at all-time highs on the back of a tech rally anchored by Micron Technology (NASDAQ:MU | MU Price Prediction).

Following reports of U.S. Navy strikes against targets in Iran, bitcoin dropped nearly $800 in over three hours on Monday night, slipping below $77,000 and wiping out roughly $20 billion in market capitalization. Late on Monday, bitcoin fell nearly $800 below $77,000 following reports of U.S. Navy military strikes in Iran. Brent crude spiked near $99 as maritime clashes disrupted energy markets and dented crypto capitalization.

Japan's benchmark stock index, the Nikkei 225, surged more than 3 percent in morning trading, hitting an all-time high after closing at a record peak on Friday. Oil prices have fallen sharply amid tentative hopes for a deal to end the US-Israel war on Iran. Brent crude, the primary benchmark for global oil prices, fell about 5 percent on Sunday as US President Donald Trump gave mixed signals on the prospects for a permanent end to the conflict.

The average rate on a 30-year fixed-rate mortgage rose 17 basis points to 6.42% APR in the week ending May 21, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the past five business days.

Since US and Israeli airstrikes hit Iran at the end of February, crude oil has soared past $100 a barrel for the first time since Russia's 2022 invasion of Ukraine. The result at Europe's petrol pumps has been immediate and painful. The Iran conflict has effectively shut down shipping through the Strait of Hormuz, threatening roughly one-fifth of global oil supply. The International Energy Agency called it the greatest global energy security challenge in history.

We've had no tankers loading for three days. That's certainly unprecedented since the conflict began.

“The Iran war isn't stopping art shipments into New York-but it's removing flexibility from the global system. Logistics is becoming more fragile, and that's changing how the market plans,” says Robin Eckstein, the regional manager for the Middle East at the logistics firm Hasenkamp. “What used to be flexible is now fragile.”

Consumers are paying $4.52 a gallon for gasoline nationally, while diesel prices have climbed to $5.64 a gallon nationwide and above $6 in some regions. At the same time, food inflation remains stubborn because trucking costs ripple through nearly every aisle in the grocery store.

The US dollar index was relatively volatile on Monday amid renewed concerns about the geopolitical situation in the Middle East. Markets remained focused on the lack of progress in negotiations between Washington and Tehran, after President Donald Trump rejected Iran's latest proposal. The diplomatic deadlock has kept concerns over energy supply disruptions elevated, supporting higher oil prices and reinforcing inflation expectations. This pushed Treasury yields higher across maturities, underpinning the dollar.

Fuel costs, inflation and debt pressures are testing Asian economies. Working from home. Fuel queues. Blackouts. This is the fallout from the war on Iran across Asia. Governments are scrambling to shield their economies from the worst of the energy crisis. Some are rationing fuel. Others are reintroducing subsidies or limiting exports altogether. And the longer the Strait of Hormuz remains disrupted, the worse it gets so much so for vulnerable economies.

London's benchmark index dropped 55 points to 10,222 in early trading, after briefly falling as much as 80 points to touch 10,196, as traders weighed the impact of Labour's bruising local election results alongside escalating tensions involving the United States and Iran.