Markets were mostly lower on Thursday as oil prices and interest rates rose amid uncertainty about the U.S. position on a deal between Oman and Iran to reopen the Strait of Hormuz. While we're still seeing strong data from the earnings calendar, price action today reflected both high expectations, as well as concern for the future.
The front-month West Texas Intermediate crude oil futures contract was up 3.6% to $77.93 per barrel. The Islamic Republic's semi-official Fars news agency reported that Iran wants to ban American and Israeli ships from the Strait of Hormuz. Fars also said Iran is seeking compensation from the U.S. and Israel before they're permitted to transit the passage from the Persian Gulf to global markets.
