Wall Street is reeling and oil prices are soaring amid fears of an imminent U.S. blockade of Iran
Following the breakdown of peace negotiations over the weekend, the United States barred ships from leaving Iranian ports, resulting in mixed outcomes for Wall Street stock indices and an increase in oil prices above $100 per barrel on Monday.
As the United States exerted pressure on Tehran, prolonging the blockade on Middle Eastern energy exports and causing stock market fear, a precarious ceasefire hung by a thread.
The S&P 500 declined 0.10% to 6,809.90 points, the Dow Jones Industrial Average fell 0.54% to 47,660.03 points, and the Nasdaq Composite held steady at 22,901.73 points.
Brent crude futures rose 5.14% to $100.07 a barrel, as traders closely monitored the Strait of Hormuz, where Donald Trump announced that the United States would impose a blockade. U.S. crude rose 4.99% to $101.39 a barrel.
The pan-European STOXX 600 index fell 0.34%.
Goldman Sachs beat analysts’ expectations for quarterly earnings, but lower revenue from its fixed income, currencies, and commodities division dragged its shares down 4% and negatively impacted its competitors Morgan Stanley and JPMorgan.
