Oil prices continued to climb on Thursday.
Oil prices continued to climb on Thursday.The Dow Jones Industrial Average on Thursday closed down 785 points as theThe Dow fell 1.61% while S&P 500 dropped 0.57%. The tech-heavy Nasdaq declined 0.26%.
set off by the U.S.-Israeli attack on Iran over the weekend.a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.Gas prices in the U.S. rose to $3.25 cents per gallon, jumping nearly 9% from a week earlier,Markets appeared to settle after President Donald Trump posted a message on social media ordering the federal government to provide "political risk insurance and guarantees for the Financial Security of ALL Maritime Trade." "If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible," Trump added.in recent days, however, threatening to lift prices for oil and a host of other goods dependent on diesel-fueled transport. U.S. Treasury yields climbed on Thursday, suggesting possible concern about economic instability and inflation stemming from the Iran war. Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher prices that would eat away at those annual payouts. In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.
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