Oil Prices Jump as Global Markets Retreat Ahead of US Jobs Report
The global markets took a downturn on Thursday as investors braced for Friday's key US jobs report. The Dow Jones Industrial Average fell by 464.02 points, or 0.85%, to 53,885.10, while the S&P 500 dropped by 13.59 points, or 0.18%, to 7,709.96.
The Nasdaq Composite also fell, down by 15.09 points, or 0.06%, to 26,348.35. Meanwhile, the MSCI's gauge of stocks across the globe declined by 3.81 points, or 0.33%, to 1,145.73.
The price of oil surged on Thursday due to concerns about US and Israeli access to the Strait of Hormuz. The Brent crude futures rose by $3.04, or 3.83%, to settle at $82.49 a barrel, while U.S. West Texas Intermediate futures gained by $2.07, or 2.75%, to $77.29.
Jake Dollarhide, CEO of Longbow Asset Management, attributed the market's decline to a 'distaste for risk assets' and higher oil prices.