Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz
US benchmark equity indexes were lower intraday, while oil prices jumped as President Donald Trump said Washington was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid rising tensions in the Middle East. The Nasdaq Composite was down 1.3% at 25,939.2 after midday Monday, while the S&P 500 fell 0.7% to 7,526.4. The Dow Jones Industrial Average shed 0.3% to 52,507. Among sectors, technology saw the steepest decline, while energy paced the gainers. West Texas Intermediate crude was up 7.4% at $76.72 a barrel, while Brent gained 7.5% to $81.76. The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim. The strait is open and will remain so "with or without Iran," Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway. "The USA will be, from this point forward, known as 'the guardian of the.
US benchmark equity indexes were lower intraday, while oil prices jumped as President Donald Trump said Washington was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid rising tensions in the Middle East.
The Nasdaq Composite was down 1.3% at 25,939.2 after midday Monday, while the S&P 500 fell 0.7% to 7,526.4.
The Dow Jones Industrial Average shed 0.3% to 52,507.
Among sectors, technology saw the steepest decline, while energy paced the gainers.
West Texas Intermediate crude was up 7.4% at $76.72 a barrel, while Brent gained 7.5% to $81.76.
The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported.
Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.
The strait is open and will remain so "with or without Iran," Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway. "The USA will be, from this point forward, known as 'the guardian of the.