Commodities
Wall Street Stocks Rise as Mideast Tensions Cool, Crude Oil Prices Drop
Stock markets on Wall Street opened higher on Monday, while crude oil prices dropped significantly after tensions between the US and Iran eased.
The S&P 500 rose by 0.6%, with the Dow Jones Industrial Average increasing 518 points, or 1%, as of 9:55 a.m. Eastern time. The Nasdaq composite also gained 0.7%.
Brent crude prices fell 5.4% to $86.74 per barrel for October delivery, reversing course from last week when prices surged above $100 due to worries about global oil supplies.
The war between the US and Iran has had a ripple effect on the world economy, curbing traffic through the Strait of Hormuz and driving up gasoline prices and shipping costs. Markets in Europe also rose after closing higher in Asia.