U.S. stocks opened sharply lower as oil prices surged above $100 per barrel overnight as the Strait of Hormuz, the main passageway for about a fifth of the world's oil, remains closed. With oil at a standstill, some of the world's top oil producers are running out of room to store oil and are cutting production. Kuwait and Iraq are among them. The UAE is just beginning to reduce, reports said. If oil prices remain above $100 per barrel, inflation could spike, analysts said. Already, the nation’s average ...

United States oil prices remained higher but off the highest levels since 2024 reached earlier in the day, and stocks significantly pared losses by the closing bell as investors digested the prospects that the war with Iran might last about another month. A senior commander from Iran’s Revolutionary Guards said Iran has closed the Strait of Hormuz and warned that any vessel attempting to transit the waterway would be targeted, Iranian media reported. About a fifth of the world's oil travels through the St ...