With two days left of a ceasefire between the U.S. and Iran, and the U.S. attacking and seizing an Iranian cargo vessel trying to evade a U.S. blockade, the price of oil is going back up, and stock prices are dropping.
Oil prices on Monday afternoon grew by just over 5% to reach $95, and the S&P 500 dropped .3% from an all-time high. The Dow Jones Industrial Average also fell .2%, and the Nasdaq Composite fell .5%.
The market had risen sharply, and oil prices dropped on Friday, when Iran announced the Strait of Hormuz was reopened. Iran closed the strait again on Saturday when the U.S. decided to move ahead with a blockade of Iran’s ports.
