Oil prices continued to rise on Thursday while stocks pulled back as investors wrestled with uncertainty about the fragile cease-fire between the United States and Iran.
The prospects for a lasting end in fighting are being tested as the two countries jostle to exert control over the Strait of Hormuz, the contested waterway that is a critical trading route for oil and natural gas.
Oil prices are extending gains from Wednesday after the Islamic Revolutionary Guards Corps of Iran said it had seized two cargo ships near the strait. The U.S. Navy’s blockade continues to prevent ships from gaining access to Iranian ports.
Oil prices surge again.
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The price of Brent crude, the global benchmark for oil, was about $103 a barrel on Thursday, up 1.3 percent. It rose above $100 on Wednesday for the first time in more than a week.
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West Texas Intermediate crude, the U.S. benchmark, was around $94 a barrel, up more than 1 percent.
Stocks tumble.
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Futures on the S&P 500 were down 0.4 percent on Thursday, pointing to a decline when stocks resume trading in the United States.
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Stocks in Asia, where countries import vast quantities of oil and gas, were down. Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index were down about 1 percent. Stocks in mainland China also fell.
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In Europe, stocks fell. The Stoxx 600, a broad index that tracks the region’s largest companies, slipped 0.2 percent, while the DAX in Germany edged down 0.4 percent and the FTSE 100 in Britain slid 0.6 percent.
Gasoline prices inch higher.
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Gas prices rose on Thursday, declining to a national average of $4.03 a gallon, according to the AAA motor club. The increase has raised the cost for drivers by 35 percent since the war began.
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Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
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Diesel prices have increased even more quickly and stood at $5.47 on Thursday, up 45 percent since the start of the war.
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