Commodities
US Stocks Drift Near Record High as Oil Prices Rise Amid Hormuz Uncertainty
The US stock market is experiencing a mixed open on Monday, with oil prices rising due to uncertainty about when the Strait of Hormuz will reopen. The S&P 500 index is virtually unchanged after flipping between small gains and losses.
Berkshire Hathaway's strong profit report helped its stock rise by 2.2%, making it one of the strongest forces lifting the S&P 500 index. The company has invested some of its massive cash pile into stocks under its new CEO, Greg Abel.
The oil market is being driven by hopes and caution about when the Strait of Hormuz will reopen and allow oil tankers to exit the Middle East freely. The price for a barrel of Brent crude rose 3.2% to $86.24 on Monday.