WTI crude was up about 6% to $97 per barrel, while Brent climbed to $98.31, though both benchmarks trimmed larger overnight gains in futures trading amid growing expectations of emergency policy responses.
U.S. President Donald Trump is expected to announce a series of measures aimed at easing the surge in oil prices as soon as today. Among the options under consideration is a coordinated release of strategic petroleum reserves by G7 countries, highlighting the seriousness with which major economies are approaching the risk of a prolonged supply disruption.
Geopolitical tensions also escalated further. On Monday, NATO intercepted an Iranian ballistic missile heading toward Turkey, the alliance's southeastern flank — a development that signals rising concern that the regional conflict could expand beyond its original theater.
By midday trading in New York, the S&P 500 fell 0.5% to around 6,700 points and the Dow Jones Industrial Average dropped 400 points, or 0.8%, to 47,100.
The Nasdaq 100 declined 0.1% to 24,610 and the Russell 2000 dropped 1.2% to 2,500. The Cboe Volatility Index eased 6.6% to 27.53.
The Technology Select Sector SPDR Fund(NYSE:XLK) and the Energy Select Sector SPDR Fund(NYSE:XLE) were the session’s only two sectors in positive territory, gaining 0.3% and 0.2%, respectively.
Gold slipped 1.2% to $5,096.54 per ounce as the dollar firmed. Natural gas futures fell 1.6% to $3.14. Bitcoin (CRYPTO: BTC) rose 2.5% to $68,893.40,
Join thousands of traders who make more informed decisions with our premium features.
Real-time quotes, advanced visualizations, alerts, and much more.
