Strait of Hormuz traffic grinds to a halt amid Iranian attack threat
Trump warned he would target Iranian power plants unless Iran fully opened the Strait of Hormuz within 48 hours.
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Trump warned he would target Iranian power plants unless Iran fully opened the Strait of Hormuz within 48 hours.
March PMIs are expected to slip as the Middle East conflict lifts energy costs and weakens business sentiment.
Brent crude settled at $112.19 a barrel, the 10-year Treasury yield hit 4.39% and the S&P 500 fell 1.51% as markets weighed oil-driven inflation.
The U.S.-Israeli conflict with Iran choked Persian Gulf shipments and closed the Strait of Hormuz. Global oil prices jumped to levels not seen since 2022.
The United States and Israel launched intense airstrikes inside Iran. Oil spiked near $120 a barrel and global markets rallied and fell in response.
Iraq cut output by more than two-thirds. U.S. average gasoline rose to about $3.54 per gallon, up 21% from a month ago.
Reports of a planned U.S. operation inside Iran drove crude into a violent swing and pushed U.S. equities lower.
Freddie Mac reported the average 30-year fixed rate fell to 6.01%, the lowest since September 2022, as mortgage applications rose 2.8% but pending sales slid 0.8%.
After the Supreme Court struck down his earlier tariffs, Trump signed an order for a new 10% global tariff under a different legal authority.
Trump said the shutdown cost “at least two points” off GDP and urged lower interest rates.
The Nasdaq.com analysis said the Shiller CAPE “declined for the first time” in nearly a year after rising above 40, a move it linked historically to market pullbacks.
CFTC chair Michael Selig asserted federal jurisdiction over prediction platforms and challenged state gaming regulators.