Stocks Slip as Oil Prices Rise Above $100

Group 1 - Oil prices have dipped below $100 per barrel due to the U.S. allowing countries to purchase sanctioned Russian crude oil already at sea, which is part of efforts to prevent an energy crisis [1] - Approximately 124 million barrels of Russian oil are currently at sea, which is equivalent to five or six days of the usual supply expected from the Strait of Hormuz [1] - Brent crude, the global oil benchmark, is around $99 per barrel, while West Texas Intermediate crude, the U.S. benchmark, has fallen by 2% [2] Group 2 - U.S. stock indexes and the dollar have strengthened modestly, with the latest GDP growth estimate at 0.7% for the last quarter, which is significantly lower than economists' expectations [2] - The U.S. is working to clear the Strait of Hormuz to restore trade flow, but specific methods have not been disclosed [3] - Current oil flow through the Strait of Hormuz is less than one million barrels per day, primarily on Chinese- and Russian-controlled tankers, compared to the normal flow of 20 million barrels per day [3]