All three major indices remain in the red midday Thursday, after trimming earlier losses which saw the Dow Jones down more than 600 points at session lows. The major averages lost more than 2% this week as U.S.
West Texas Intermediate crude oil prices have fallen 6% over the past month to reach multi-year lows on Wednesday. Several factors, including trade policies and OPEC+ production increases, contributed to the sharp decline.
Past attempts to seize Iranian oil have sparked retaliation from Tehran. In 2023, Iran seized foreign ships—one chartered by Chevron (NYSECVX)—after the U.S. attempted to intercept Iranian oil cargoes.
US markets closed higher on Friday, despite volatility and uncertainty over Ukraine. Asian markets also gained, while European shares neared record highs.
The US dollar rallied during the course of the week as it turned around to break above the JPY150 level. The USD/JPY currency pair recently formed a bit of a double bottom on the chart, while the 50-week EMA above has been offering resistance.
Stewart recently made a claim on his show that promotes a common misconception: “How about we just take $3 billion in subsidies we give to oil and gas companies that turn billions in profits?” Here's what that's inaccurate...
