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US stocks slid on Wednesday as Treasury yields climbed to their highest levels in more than 20 years and oil stayed volatile on renewed Iran war fears, according to Al Jazeera. Wall Street closed lower a day after the Nasdaq and S&P 500 both hit record highs.
What this covers
- Why yields and stocks moved
- Oil: Brent above $100
- Tanker attacks in the Gulf
- Supply is not stopped
- Markets and oil: questions answered
Why yields and stocks moved
Investors worried that high oil prices would push up inflation and interest rates, driving a selloff in bonds, Al Jazeera reports. The article does not give index levels or percentage moves for the session.
Oil: Brent above $100
Oil rose Wednesday on Middle East supply concerns, then fell after the International Energy Agency said members “stand ready to release additional oil from their reserves if necessary”, with diesel prioritised. By 01:16 GMT on Thursday, Brent was at $101.53 a barrel and US WTI at $89.39. G7 countries and the IEA agreed on 3 October to release 100 million barrels of diesel and crude.
Tanker attacks in the Gulf
The UK Maritime Trade Operations agency (UKMTO) said nine tankers were attacked in the Strait of Hormuz in October so far, half of September’s total for the strait and wider Gulf. On Wednesday it also reported a tanker struck by multiple projectiles about 94 km north of Madinat ash Shamal, in Qatar’s exclusive economic zone, with casualties reported but no numbers given, per Al Jazeera. Qatar had not commented. See the agency’s own notices at UKMTO.
Supply is not stopped
Kpler data cited by Al Jazeera shows Gulf oil flows, excluding Iran, recovered to over 81% of pre-war levels in September, and Middle East crude exports hit 18.3 million barrels a day on 30 September, above the 12-month pre-war average of roughly 18 million. US Secretary of State Marco Rubio has said Washington controls the strait and flows are near normal, a claim made by a party to the conflict.
Markets and oil: questions answered
Why did US stocks fall on Wednesday?
Al Jazeera links the fall to bond-market worries: high oil prices could lift inflation and interest rates, pushing yields to over-20-year highs.
What was the Brent price?
$101.53 a barrel at 01:16 GMT on Thursday 8 October; WTI was $89.39.
What are the G7 and IEA doing?
They agreed on 3 October to release 100 million barrels of diesel and crude, and the IEA says it can release more.
Is oil still flowing from the Gulf?
Yes, per Kpler data, though shipping attacks continue.
Related reading: Wall Street earnings season and mortgage rates at a three-year high.
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