Oil prices fell on Thursday as the US and Iran resumed exchanging attacks. US President Donald Trump said the US would hit Iran “very hard,” after it targeted a US base in Jordan. Maritime traffic in the Strait of Hormuz, a crucial waterway for oil transport, remains limited, putting pressure on global supplies.
Market Impact
Brent crude, the international standard, lost 1% to $87.18 per barrel after rising sharply a day earlier. Benchmark US crude declined 0.9% to $83.74 per barrel. In South Korea, the Kospi was down 1.3% to 5,587.82, after falling 10.8% on Tuesday and nearly 6% on Wednesday.
US futures edged higher after losses on Wall Street. The US stocks traded lower also after the Federal Reserve decided to hold interest rates steady. The Fed’s chairman, Kevin Warsh, reiterated his commitment to get inflation back to 2% following years of faster-than-hoped increases in prices.
In the bond market, the yield of the US 10-year Treasury was at 4.70%, up from 4.61% late Tuesday. The US dollar rose to 163.49 Japanese yen from 163.41 yen. The euro was trading at $1.1454, down from $1.1467.
Original reporting: KTBS 3 (Shreveport) — read the source article.
