Stocks finished quietly lower today, with investor attention focused on the Strait of Hormuz. All three major indexes finished in the red, with Iran reportedly nearing a deal with Oman but refusing to resume negotiations with the U.S. Oil prices were an overhang today in response. Bond yields dented AI and rate-cut optimism as well, with the 10-year Treasury yield climbing back above 4.7%.
Crude Catapults Higher Amid Strait Worries
Oil prices leaned on extended uncertainty surrounding the availability of the Strait of Hormuz, with President Trump saying on Sunday the U.S. was "semi-negotiating" with Iran and depended on naval blockades to add pressure. September-dated West Texas Intermediate (WTI) crude finished 5.1% higher to settle at $82.13 per barrel.
Another seven-week high could be in store for gold prices, as the safe haven awaits to inflation data later this week. August-dated gold futures added 0.4% to settle at $4,416 per ounce.
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