Brent and WTI Crude Oil Futures Jump 7% Each; US Stock Futures Slide With Nasdaq 100 Futures Tumbling over 2%
Tiger Newspress03-03 18:51
Brent and WTI crude oil futures jumped about 7% each. Tehran vowed to close the Strait of Hormuz and said it would fire on any ship trying to pass, pushing up global crude prices and shipping rates. The strait handles about a fifth of the world's total oil consumption.
Stocks fell as the war in Iran entered its fourth day with no sign of de-escalation, heightening fears of a lengthy disruption to energy markets and a surge in inflation.
S&P 500 futures tumbled 1.76% after dip buyers erased losses in the previous session. Nasdaq 100 contracts slumped 2.27%.
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