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Oil price volatile, gold up, US stocks down, Iran war eyed

Oil price volatile, gold up, US stocks down, Iran war eyed

MGR Online•International•18d ago

Reader Briefing

Geopolitical tensions surrounding Iran's conflict and potential peace talks influenced global markets, leading to oil price dips, gold price gains, and a decline in US stock indices.

  • •Oil prices declined as Saudi Arabia and Kuwait lifted restrictions on US military use of airspace and bases.
  • •Gold prices saw a slight increase, with some investors viewing potential US-Iran peace talks positively.
  • •US stock markets closed lower due to widespread market uncertainty amidst the US-Iran negotiations.
  • •Investors are awaiting the US non-farm payrolls report for April, expected to show job growth.

Overview

  • •On Thursday, May 7, oil prices traded with volatility before declining.
  • •Saudi Arabia and Kuwait lifted restrictions on the US regarding the use of their airspace and military bases.
  • •This action by Saudi Arabia and Kuwait was taken to facilitate operations protecting cargo ships passing through Hormuz.
  • •West Texas Intermediate crude futures for June delivery fell 27 cents to close at $94.81 per barrel.
  • •Brent crude futures for July delivery fell $1.21 to close at $100.06 per barrel.
  • •The move by Saudi Arabia and Kuwait came as the Trump administration sought to reopen "Project Freedom" to protect cargo ships transiting the Strait of Hormuz.
  • •The Dow Jones Industrial Average fell 313.62 points (0.63 percent) to close at 49,596.97.
  • •Widespread market uncertainty resulting from peace talks between the US and Iran caused US stock markets to close down.

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Key Entities

Place

United States(สหรัฐฯ)ℹ️
A major global power involved in discussions regarding Iran and military operations.
Iran(อิหร่าน)ℹ️
A nation involved in peace talks with the United States and concerns about a potential conflict.
Saudi Arabia(ซาอุดีอาระเบีย)ℹ️
A nation that lifted restrictions on US military operations concerning the Hormuz strait.
Kuwait(คูเวต)ℹ️
A nation that lifted restrictions on US military operations concerning the Hormuz strait.
Hormuz(ฮอร์มุซ)ℹ️
A strait mentioned in the context of protecting cargo ships during military operations.

Person

Trump(ทรัมป์)ℹ️
Associated with seeking to reopen 'Project Freedom' to protect cargo ships.

Law

Project Freedom(โปรเจ็ค ฟรีดอม)
An operation sought to be reopened by the Trump administration to protect cargo ships.

Organization

Dow Jones(ดาวโจนส์)ℹ️
An index whose performance is reported, indicating a decline in value.
S&P(เอสแอนด์พี)ℹ️
An index whose performance is reported, indicating a decline in value.
Nasdaq(แนสแดค)ℹ️
An index whose performance is reported, indicating a decline in value.
Reuters(รอยเตอร์)ℹ️
A news agency that reported on the US-Iran peace talks and other market-related information.
Wall Street Journal(วอลล์สตรีท เจอร์นัล)ℹ️
A publication that reported on Saudi Arabia and Kuwait lifting restrictions on the US military.