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Oil up 2%, Gold down, US stocks plunge on Iran-Kuwait conflict

Oil up 2%, Gold down, US stocks plunge on Iran-Kuwait conflict

MGR Online•International•25d ago

Reader Briefing

Middle East tensions, fueled by an Iranian attack on Kuwait, sent oil prices up, gold prices down, and US stock markets sharply lower.

  • •Oil prices increased by approximately 2% on Wednesday.
  • •Gold prices and US stock markets experienced significant declines.
  • •A series of attacks between Iran and its neighbors, including Kuwait, are escalating regional conflict.
  • •Concerns over inflation, driven by rising energy costs, are impacting global markets.

Overview

  • •Wednesday (3 June), oil prices rose approximately 2%.
  • •Iran launched missile attacks on Kuwait and Bahrain, resulting in casualties.
  • •The attacks followed an alleged US strike on Iran's Kish Island, escalating regional hostilities.
  • •Iran's Foreign Minister stated that communication channels with Washington remain open but without negotiation progress.
  • •West Texas Intermediate crude for July delivery rose to $96.02 per barrel.
  • •Brent North Sea crude for August delivery rose to $97.81 per barrel.
  • •Wall Street and gold prices closed lower due to inflation concerns stemming from increased oil prices.
  • •The Dow Jones Industrial Average fell 620.72 points (1.21%) to close at 50,687.07.
  • •S&P 500 fell 56.10 points (0.74%) to close at 7,553.68.
  • •Nasdaq fell 239.93 points (0.89%) to close at 26,853.98.
  • •US Gold Futures for August delivery fell $53.00 (1.20%) to close at $4,466.90 per ounce.

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Key Quotes

Abbas Araghchi
"Communication between Tehran and Washington has not been cut, but there has been no progress in any negotiations."
ยังไม่ตัดการสื่อสารระหว่างเตหะรานกับวอชิงตัน แต่ไม่มีความคืบหน้าในการเจรจาใดๆ

Key Entities

Place

Iran(อิหร่าน)ℹ️
A nation involved in escalating regional conflict and missile attacks on neighboring countries.
Kuwait(คูเวต)ℹ️
A Middle Eastern country attacked by Iran with missiles.
United States(สหรัฐฯ)ℹ️
A nation whose stock market plummeted and is involved in indirect conflict with Iran.
Washington(วอชิงตัน)ℹ️
Represents the US government in diplomatic and negotiation contexts.
Tehran(เตหะราน)ℹ️
The capital of Iran, representing the Iranian government in diplomatic contexts.
Bahrain(บาห์เรน)ℹ️
A Middle Eastern country attacked by Iran with missiles.
Wall Street(วัยเทล)ℹ️
The financial district of New York City, representing the US stock market which declined.
Israel(อิสราเอล)ℹ️
A nation involved in a conflict with Iran.

Organization

Al Mayadeen(อัลมายาดีน)
A Lebanese television station that interviewed Iran's Foreign Minister.
West Texas Intermediate(เวสต์เทกซัส อินเตอร์มีเดียต)ℹ️
A benchmark grade of crude oil whose futures contract price increased.
Light Sweet Crude(ไลต์สวีตครูด)ℹ️
An alternative name for West Texas Intermediate crude oil.
Brent North Sea London(เบรนท์ทะเลเหนือลอนดอน)ℹ️
A benchmark grade of crude oil whose futures contract price increased.
Dow Jones(ดาวโจนส์)ℹ️
A stock market index that experienced significant decline.
S&P(เอสแอนด์พี)ℹ️
A stock market index that experienced significant decline.
Nasdaq(แนสแดค)ℹ️
A stock market index that experienced significant decline.
US Gold Futures(ยูเอสโกลด์ฟิวเจอร์ส)
A commodity futures contract for gold whose price declined.
US Federal Reserve(ธนาคารกลางสหรัฐฯ)ℹ️
The central bank of the United States, whose potential interest rate decisions are influenced by inflation.

Person

Abbas Araghchi(อับบาส อารากชี)
Iran's Foreign Minister who commented on negotiations with Washington.