Oil prices, after falling last week, climbed on Monday as investors weighed a renewed exchange of military strikes between the United States and Iran against indications that both sides remain engaged in negotiations aimed at securing a lasting peace agreement.
Stocks were mixed, pulled higher in East Asia by the continued surge in interest in artificial intelligence, and lower in Europe.
The United States said it carried out a series of “self-defense” strikes in Iran over the weekend, the latest in a series of attacks in the past week. Iran’s Revolutionary Guard announced that it had struck a U.S. air base in retaliation for a U.S. attack on a communications facility.
Oil pushes higher.
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The price of Brent crude, the global benchmark for oil, rose nearly 3 percent to about $94 a barrel for August delivery, the most heavily traded contract.
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West Texas Intermediate crude, the U.S. benchmark, jumped 3.5 percent to about $91 a barrel for July delivery, its most popular contract.
Stocks are mixed.
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Futures on the S&P 500 pointed to a 0.3 percent increase when stocks resume trading in the United States on Monday.
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Stocks in Asia, where countries import vast quantities of oil and gas, were mixed. South Korea’s benchmark KOSPI surged 4 percent higher, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng index rose nearly 1 percent. Stocks in mainland China declined.
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In Europe, stocks were mixed. The Stoxx 600, a broad-index that tracks the region’s largest companies, was down slightly. Germany’s Dax index was up 0.5 percent.
Gasoline prices slide.
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Gas prices fell again on Monday, dropping to a national average of $4.32 a gallon, according to the AAA motor club. Still, the overall increase in gasoline prices has raised the cost for drivers by 45 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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The average price of diesel pulled back three cents to $5.45 on Sunday, up 45 percent since the start of the war.
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