"Equity markets breathed a sigh of relief": the Nasdaq and S&P 500 each added 1%, oil at $101
Amid reports from the head of the US Treasury Department about the passage of some tankers through the Strait of Hormuz, oil prices moved to the downside and US equity markets went into the green zone / Photo: X / NYSE
The escalation of the conflict in the Middle East continues for the third week, but the first trading day of the U.S. stocks began in a positive way: the broad index of American stocks S&P 500 in the first minutes of the session added 1%, technological Nasdaq Composite rose by 1.3%, the index of "blue chips" Dow Jones - in the plus by 0.74%.
Brent crude oil, meanwhile, fell to $101 per barrel (down more than 1% from the closing level on Friday, March 13). April futures for U.S. WTI crude oil are trading at $94.8 per barrel, down almost 4% from the close on March 13.
What's going on
The markets are demonstrating such dynamics also on the background of statements of the head of the U.S. Treasury Department Scott Bessent that Iranian oil tankers are passing through the Strait of Hormuz, and the U.S. does not prevent them from doing so. According to Bessent, ships that supply oil to India as well as "some Chinese" tankers have already passed through the strait. "U.S. stock markets are breathing a sigh of relief as energy prices remain stable after the weekend," Bloomberg quoted Jonestrading market strategist Michael O'Rourke as saying. "We are seeing a rebound driven by hedge position closures and moderate optimism," O'Rourke added.
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