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ConfirmedShipping, energy & marketsBackgroundNew York, United States

Oil swings back toward $90 and stocks rally as Trump calls the war 'very complete'

Mountain Time
Local time
4:04 PM in New York
Where
New York, United States

Oil whipped from nearly $120 a barrel back toward $90 on Monday and the S&P 500 erased a 1.5% drop to close up 0.8% as Trump told CBS News the war was "very complete, pretty much" and "very far ahead of schedule," and said he was "thinking about taking over" the Strait of Hormuz.

Why it matters

The swing showed prices trading on Trump's statements about the war's length rather than on any reopening of Hormuz, where commercial traffic had all but stopped.

Sources (4)

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