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Oil Prices Surge Above $97 on Skepticism Over Fragile US-Iran Ceasefire
Oil prices rose sharply Thursday, with Brent crude up 2.4% to $97.02 per barrel and US crude 3.3% higher at $97.50, reversing earlier drops after ceasefire announcement. Investors doubt the two-week US-Iran truce amid Israeli strikes on Lebanon and Iran's closure of the Strait of Hormuz, a key global oil chokepoint.
Uncertainties persist over energy supply as the US demands reopening of the strait.
Asian Stocks Retreat as Regional Markets Fall on Geopolitical Tensions
Asian markets declined Thursday amid skepticism over the US-Iran ceasefire, with Tokyo’s Nikkei 225 down 0.9% to 55,824.30 and South Korea’s Kospi dropping 1.6% to 5,776.03. Hong Kong’s Hang Seng fell 0.4% to 25,801.87, Shanghai Composite lost 0.7% to 3,965.70, and Australia’s S&P/ASX 200 edged down 0.1%.
US futures also slipped more than 0.1%.
Iran Closes Strait of Hormuz in Response to Israeli Strikes on Lebanon
Iran shut the Strait of Hormuz following deadly Israeli strikes on Lebanon that killed and injured hundreds, heightening global energy supply fears. The strait, through which a fifth of world oil passes, remains largely closed despite US demands for reopening.
This action coincides with a fragile two-week ceasefire between the US and Iran.
US Stocks Rally with S&P 500 Up 2.5% Amid Deescalation Hopes
The S&P 500 jumped 2.5% to 6,782.81, Dow rose 2.9% to 47,909.92, and Nasdaq gained 2.8% to 22,635.00 on renewed optimism over war deescalation. Shares of United Airlines surged 7.9%, American Airlines rose 5.6%, and Carnival jumped 11.2%, trimming losses from Iran war fuel cost concerns.
The rally follows earlier plunges in oil prices on ceasefire news.
Global X Launches Daily Covered Call ETF Based on Nasdaq 100
Global X introduced a daily covered call ETF tracking the Nasdaq 100 amid a busy week of non-North American ETF launches. This product targets income generation through options strategies on the tech-heavy index.
It highlights ongoing innovation in global ETF markets during volatile times.
Busy Week for Global ETF Launches Outside North America
ETF providers rolled out multiple new products from April 2nd to 9th, focusing on international markets beyond North America. Launches include strategies like covered calls to attract yield-seeking investors.
Activity underscores resilience in financial product development despite geopolitical risks.
World Shares Mostly Lower as Investors Watch Ceasefire Developments
Global equities retreated with Asian indices leading declines on fragile US-Iran truce concerns. Taiwan’s Taiex and other regional benchmarks fell 0.1% amid broader risk-off sentiment.
Focus remains on whether the ceasefire holds after recent Middle East escalations.
Airline Stocks Rebound on Hopes of Reduced Fuel Costs from Ceasefire
United Airlines shares surged 7.9% and Carnival climbed 11.2% Wednesday on deescalation optimism easing fuel price worries from the Iran conflict. American Airlines gained 5.6% as oil prices initially plunged post-ceasefire announcement.
Gains partially offset prior losses since the war began.
Energy Supply Fears Linger Despite Temporary US-Iran Ceasefire
Uncertainties over global oil flows persist even after a temporary ceasefire, with prices rebounding sharply. The Strait of Hormuz closure exacerbates supply chokepoint risks for a fifth of world oil transit.
Markets await clarity on truce stability and regional responses.
US Futures Dip as Oil Volatility Continues Post-Ceasefire
US stock futures fell more than 0.1% Thursday amid oil price swings and ceasefire doubts. Earlier S&P 500 rally faded slightly on renewed Middle East tensions.
Investors monitor for slippage in the two-week US-Iran agreement.