Skip to main content

Markets Recoil, and Then Ease, as Traders Digest Iran Attack

By Carlos Tejada and Stanley Reed

Business|Markets Recoil, and Then Ease, as Traders Digest Iran Attack

Oil jumped and stocks sank after Tehran’s missile attacks on United States forces, but markets later moderated.

Credit...Ahn Young-Joon/Associated Press
HONG KONG — Oil prices spiked and then fell back on Wednesday, and global stocks were flat or moderately lower, after Iran launched missiles at American forces based in Iraq.
The markets’ concerns eased as Iran’s foreign minister suggested that he was ready to stand down for now and President Trump suggested the damage from the attack had been limited, raising hopes of a restrained conflict in a region critical to world oil supplies.
Brent crude, the international benchmark, jumped about 5 percent, as high as $71.75 a barrel, immediately after news of the Iranian missile attack. But within hours it had fallen to $68.60, about 0.2 percent higher than the day before.
West Texas Intermediate crude also jumped and then receded, and was trading at about $62.95 a barrel, about 0.2 percent lower from Tuesday.
In stock trading, Britain’s FTSE 100 was unchanged in late-morning trading, while Germany’s DAX fell by about 0.2 percent. In Asia, Hong Kong’s Hang Seng ended the day 0.8 percent lower, and Japan’s Nikkei fell 1.6 percent.
Futures on Wall Street pointed to a small upswing when trading starts.
Mohammad Javad Zarif, Iran’s foreign minister, said in a tweet that the nation had “concluded proportionate measures in self-defense.” The statement followed two missile attacks on bases in Iraq housing American forces in response to the killing last week of Maj. Gen. Qassim Suleimani.
In his own tweet shortly after, Mr. Trump suggested that damages and casualties sustained by American forces had been minimal, though the assessment was continuing. “All is well!” he said on Twitter.
The risk of a war between the United States and Iran, in the world’s most important oil producing region, the Persian Gulf, has sent shudders through the oil markets in recent days. The fear is that an attack on shipping from the Gulf, or damage to the oil fields of a major producer in the area like Iraq or Saudi Arabia, could restrict global supplies.
On Wednesday, officials from the Organization of the Petroleum Exporting Countries, the producers’ group, sought to calm fears that the crisis could lead to a major disruption in supplies.
“We are not forecasting any shortage of supply unless there is a catastrophic escalation, which we don’t see,” Suhail Mohamed Faraj al-Mazrouei, the oil minister of the United Arab Emirates, told reporters in Abu Dhabi on Wednesday, Reuters reported. 


Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post. By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in