The war between the U.S. and Iran weighed down sentiment this afternoon, sending crude prices surging once again. Investors quickly set the IEA's plans to release 400 million barrels of oil aside, as three cargo ships were struck off the coast of Iran this morning. The CPI provided little relief, matching expectations with an year-over-year growth of 2.4% in February. As a result, the Dow fell nearly 290 points, the S&P 500 settled quietly lower, and the Nasdaq (QQQ) eked out a small gain as Oracle (ORCL) stock surged.
Oil Resumes Climb as Gold Prices Cool
Oil prices settled higher, despite the IEA's stockpile release Investors also monitored the ongoing cargo ship attacks off the coast of Iran and on the Strait of Hormuz. April-dated West Texas Intermediate (WTI) crude rose 4.6% to close at $87.25 per barrel.
A rising U.S. greenback combined with circling inflation worries pressured gold prices lower today. April-dated gold futures fell 1.1% to settle at $5,185.20 an ounce.
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