The US stock market had a dramatic reversal, dropping as much as 1.5% before gaining 0.8%, following President Trump’s comments on the war with Iran. Oil prices also saw sharp swings, falling from nearly $120 to around $90. However, concerns about stagflation and its impact on households’ budgets remain, with some experts predicting higher oil prices if the Strait of Hormuz remains closed for an extended period. Despite this, the market bounced back relatively quickly, with the S&P 500 rising 55.97 points to 6,795.99.
Source: https://abc7ny.com/post/iran-war-crude-oil-prices-spike-120-barrel-conflict-impedes-production-shipping/18695278