Commodities
Oil Price Slump Eases Bond Market Fears, Supports Stocks
Falling oil prices are calming worries in the bond market and supporting stock prices. The price of Brent crude fell 2.8% to $87.99, its second decline in a row after 13 gains in 14 days.
The drop came despite increased tensions between the United States and Iran following new sanctions announced by the Trump administration.
Oil prices had been volatile recently, zigzagging between $72 and $102 last month as hopes rose and fell for a US-Iran deal that would allow oil tankers to exit the Persian Gulf freely again.
The decline in oil prices is tempering worries about high inflation that drove Treasury yields higher through the summer.