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Oil jumps above $100 as Middle East tensions drag US stocks lower
Futures markets put about 60% odds on the Fed raising rates later this month as oil prices surge on US-Iran escalation.
US stock markets fell as oil climbed above the market-sensitive $100 a barrel level for the first time since July, with trading driven by further escalation in the Middle East. LiveMint Markets said the Dow Jones Industrial Average dropped 78.2 points, or 0.15%, to 52,707.9, while the S&P 500 fell 0.17% and the Nasdaq Composite declined 0.36%.
Brent futures were trading above $101 a barrel amid developments tied to the US-Iran war. According to LiveMint Markets, Iran responded to US attacks that destroyed five Iranian oil tankers, with Iran's Revolutionary Guards saying it attacked two US vessels, eight oil tankers, and 10 non-compliant vessels attempting to pass through the Strait.
The report also cited rate expectations shifting alongside commodity moves. Futures markets have placed about 60% odds that the US Federal Reserve will lift interest rates later this month, according to LiveMint Markets.
Latest closeBrent $99.39 ▲3.2%|S&P 500 7,673.52 ▼0.6%|Nasdaq Comp. 26,421.41 ▼0.3%