Trump says talks with Iran continue at ‘rapid pace’ after regime threatens ‘other fronts’ of war

Oil prices were higher Monday following the latest fighting to threaten the ceasefire between the United States and Iran, but Wall Street didn’t seem too worried with U.S. stocks near record highs.

The S&P 500 was virtually unchanged from its all-time high set Friday. The Dow Jones Industrial Average was down 102 points, or 0.2%, as of 10:15 a.m. Eastern Time, and the Nasdaq Composite Index was flat. Both are also releasing records.

Some of the biggest losses have hit companies with hefty fuel bills and those affected by rising oil prices. United Airlines lost 2.9% and cruise line Carnival fell 2.7% as the price of a barrel of international benchmark Brent crude oil climbed nearly 7% to $97.47 on Monday. This recouped some of its loss from last week and means it is still well above its pre-war price of around $70.

High oil prices have already driven up inflation around the world, which not only increases household bills but also pushes up bond yields. High yields around the world have recently threatened to slow economies and undercut the prices of stocks and all sorts of other investments.

Some of the hardest hit by high interest rates are small businesses, which find it harder to borrow to expand when loans are more expensive to repay. The Russell 2000 index of the smallest American stocks fell 1%, much more than the rest of the market.

But Wall Street appears hopeful that the United States and Iran will eventually reach an agreement to reopen the Strait of Hormuz, allow oil shipments from the Persian Gulf to resume and ease upward pressure on inflation.

Iran announced Monday that it had ordered its Houthi allies in Yemen to attack the Middle East’s other key waterway, the Bab el-Mandeb Strait. In peacetime, about 14 percent of the world’s maritime trade passes through the waterway, according to the International Transport Forum, while about 20 percent of the world’s crude oil typically passes through the Strait of Hormuz.

CBS/AP

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