Oil prices surged after the US and Iran failed to reach a deal during peace talks on Sunday. President Donald Trump said the US will enact a blockade of the Strait of Hormuz.
Stock-market futures were down Sunday evening, suggesting investors were bracing for a sharp drop in major indexes after weekend talks between the U.S. and Iran failed to open the Strait of Hormuz and led President Donald Trump to announce a blockade of the crucial waterway.
Oil prices jumped above $100 a barrel on Monday as the U.S. Navy prepared to blockade the Strait of Hormuz after talks between the U.S. and Iran failed to reach a deal to end the war.
The U.S. military will implement a blockade of all Iranian ports starting Monday at 10 a.m. ET, according to U.S. Central Command.
Crude oil futures plunge after ceasefire removes fear premium, but tight supply keeps oil outlook uncertain with volatile trade expected next week.
A U.S. delegation is set for talks with Iran on Saturday as part of the cease-fire, however Israel has continued to attack Lebanon, endangering the agreement
The US March CPI report makes the airwaves today at 12:30 pm GMT and will be widely watched.
Dated Brent is considered the real-world price tag of crude oil. The spot price of this benchmark rebounded on Thursday, as oil traders closely monitor a fragile ceasefire between the U.S. and Iran.
Oil prices inched higher as traffic through the Strait of Hormuz remains nearly standstill. Supply disruptions in Saudi Arabia have also raised production concerns.
Oil gained amid ongoing concerns over the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported.
Top Trump economic advisor Kevin Hassett said even one oil tanker passing through the Strait of Hormuz would provide a "huge chunk of what's missing." But traffic through the key shipping route remains tightly throttled, despite the U.S. and Iran reaching a fragile ceasefire that ostensibly involves reopening the strait.
As investors have sought new ways to take advantage of volatile energy prices, interest leveraged or inverse ETFs are taking off.