finance
Oil Prices Stay High as European Stocks Open Lower
Oil prices stayed elevated near recent peaks due to escalating US-Iran tensions, with Brent crude trading around $113 per barrel after a surge. Global stock markets mostly declined amid fears of prolonged conflict disrupting supply, while economic forecasts for Ireland anticipated slower growth from fuel turbulence. President Trump warned Iran against targeting ships in the Strait of Hormuz.
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New York PostAudio version
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Oil prices stayed near recent peaks on Tuesday after rising nearly 6% the prior session, with Brent crude above $114 a barrel. European stock indexes were indicated to open lower, including Germany's DAX and France's CAC 40 each down 0.4%, while the U.K.'s FTSE was flat and Italy's FTSE MIB was 0.1% lower.
The Dow Jones Industrial Average fell 500 points on Monday as oil prices increased 5%. U.S. equity futures rose 0.1% overnight. Trading volumes were lighter than usual because markets in Japan, South Korea, and mainland China were closed for holidays.
Treasury Secretary Bessent said the oil market is going to be "very well-supplied." Chevron's chief executive separately warned of emerging physical shortages in crude oil and said demand must adjust to supply constraints.
