President Trump Moves to Reinstate a Blockade of the Strait of Hormuz as Oil Prices Jump Above $79 a Barrel. Are Oil Stocks Worth Buying Now?
Renewed tensions in the Strait of Hormuz are rattling markets again.
Overview
President Donald Trump said on Monday that the United States would reimpose a naval blockade against Iranian ships and their customers in the Strait of Hormuz, the narrow waterway that handles roughly a fifth of the world's oil and gas shipments.
Oil prices jumped sharply on the news. Brent crude, the international benchmark, climbed to $83 a barrel on Monday, up from about $71 a week prior.
Details
Stocks, on the other hand, broadly sold off on the renewed tensions. The S&P 500 was down about 0.8% on the day, the Dow Jones Industrial fell 0.26%, and the Nasdaq Composite dropped about 1.55%.
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.