Forex
US-Iran Tensions Send Stocks Lower Amid Crude Price Spike
The stock market dipped on Thursday as investors focused on the escalating US-Iran conflict. The S&P 500 ended marginally down, with Microsoft and Meta Platforms being notable exceptions.
Brent crude prices surged over 3% to nearly $107 per barrel after a Houthi missile attack on Saudi Arabia sparked concerns about supply disruptions.
US and Iranian leaders exchanged barbs at the UN General Assembly, but negotiators reported exploring a phased path out of war that could involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.
The Federal Reserve may raise interest rates again soon, with the CME FedWatch Tool indicating a nearly 70% chance of a hike next month.