Oil prices jump, US stock futures slide on renewed Iran strikes
Oil prices rose and US stock-index futures slipped on Sunday after the United States and Iran continued exchanging strikes around the Strait of Hormuz over the weekend. Brent crude climbed more than 3% as investors weighed the risk of wider disruption to Gulf shipping.
Oil prices climbed and US stock-index futures fell on Sunday as the United States and Iran continued their tit-for-tat strikes around the Strait of Hormuz over the weekend. Brent crude rose 3.2% to $78.43 a barrel, adding to a 5.4% gain the previous week.
The renewed exchange of fire has unsettled markets already on edge over the safety of one of the world's busiest oil-shipping corridors. Washington and Tehran have offered conflicting accounts of whether the waterway remains fully open to commercial traffic.
Investors are watching for signs of further escalation as the trading week begins, with energy and shipping stocks likely to remain volatile. Analysts said sustained disruption to Hormuz traffic could keep upward pressure on fuel prices in the weeks ahead.
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