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Oil jumps on Strait of Hormuz uncertainty, keeping Wall Street muted
WTI gained more than 1% after Iran and Oman did not reach a reopening agreement for the Strait of Hormuz, while traders also look ahead to upcoming U.S. inflation data.
Yahoo Finance reports that S&P 500 E-Mini futures rose about 0.02% and Nasdaq 100 E-Mini futures gained about 0.12% on Monday, pointing to a muted open for Wall Street as oil prices climbed on uncertainty around whether the Strait of Hormuz will reopen soon.
WTI crude rose more than 1% after Iran and Oman remained short of an agreement to reopen the waterway, with Iran saying the Oman deal was in its final stages but reiterating that reopening would require Washington to meet demands including lifting its blockade of Iranian shipping and providing compensation for damages.
The report also cited claims by Houthi militants of an attack on a Saudi refinery near the Red Sea, and noted that U.S. President Donald Trump said the U.S. was prepared to intensify economic pressure on Iran rather than escalate militarily, referring to the Strait of Hormuz as being only semi-negotiated with Tehran.
In the background, market participants are watching this week’s U.S. inflation data and company earnings, after the prior session saw major equity averages end higher, including sharp single day gains for Airbnb, Microchip Technology, and Atlassian, and a steep drop for Trade Desk.
Latest closeWTI crude $82.30 ▲5.3%|S&P 500 7,753.11 ▼0.1%|Nasdaq Comp. 26,605.36 ▼0.3%