Oil rises as renewed fighting threatens US-Iran ceasefire

Oil rises as renewed fighting threatens US-Iran ceasefire Oil prices climbed on Wednesday after the latest escalation in fighting raised concerns about the future of the US-Iran ceasefire, while US stocks pulled back from record highs. The S&P 500 fell 0.3 percent from its all-time high. The Dow Jones Industrial Average dropped 339 points, or 0.7 percent, by 10:15am Eastern time, while the Nasdaq composite was down 0.3 percent. Brent crude rose 1.1 percent to $97.07 a barrel after the US military said Iran had fired missiles towards Kuwait and Bahrain. Washington said it responded by striking an Iranian military ground control station on an island in the Strait of Hormuz. Despite the renewed tensions, investors appear hopeful that the US and Iran will eventually reach an agreement to reopen the strategic waterway.

Oil prices climbed on Wednesday after the latest escalation in fighting raised concerns about the future of the US-Iran ceasefire, while US stocks pulled back from record highs.

The S&P 500 fell 0.3 percent from its all-time high. The Dow Jones Industrial Average dropped 339 points, or 0.7 percent, by 10:15am Eastern time, while the Nasdaq composite was down 0.3 percent.

Brent crude rose 1.1 percent to $97.07 a barrel after the US military said Iran had fired missiles towards Kuwait and Bahrain. Washington said it responded by striking an Iranian military ground control station on an island in the Strait of Hormuz.

Despite the renewed tensions, investors appear hopeful that the US and Iran will eventually reach an agreement to reopen the strategic waterway.