WTI crude jumps after U.S. strikes on Iran, pressuring Indian markets
Oil surged after fresh U.S. strikes on Iran before easing as President Trump signaled possible de-escalation, weighing on India while lower crude later helped lift Wall Street near record levels.
Oil prices rose after fresh U.S. strikes on Iran renewed concerns about shipping through the Strait of Hormuz, pressuring Indian markets because of the country’s reliance on imported crude. Prices later eased from two-week highs as investors weighed disruption risks against signals from President Donald Trump that Iran could be open to ending the latest fighting, helping calm broader war fears. Lower crude prices then supported risk appetite in U.S. markets, with the Dow closing up 139.02 points, or 0.27%, at 52,487.41, the S&P 500 rising 0.81% to 7,543.64 near a record, and the Nasdaq Composite gaining 1.3% to 26,206.89. Kalshi traders also increased bets that U.S. gasoline prices would remain above $3.50 a gallon by Nov. 3, while AAA’s national average gasoline price stood at $3.84, up 5 cents from the previous day.
- Strait of Hormuz: A major Gulf shipping chokepoint through which about one-fifth of global oil and liquefied natural gas supplies moved before the war.
- WTI crude: West Texas Intermediate, the main U.S. benchmark grade of crude oil.
- prediction market: A platform where traders bet on event outcomes, such as Kalshi contracts tied here to AAA national average gasoline prices.