Oil Climbs, Stocks Whipsaw After Trump’s Warning: Markets Wrap
President Donald Trump during a prime-time address to the nation at the White House in Washington, DC, on April 1.
Photographer: Alex Brandon/AP Photo/Bloomberg
Oil climbed and stocks whipsawed after President Donald Trump signaled that an escalation of strikes on Iran could come as soon as Tuesday, overshadowing hopes for a ceasefire.
Fears that imminent military action could derail tentative progress toward restoring energy flows through the Strait of Hormuz drove US crude above $112. In a volatile session, equities held on to small gains, with the S&P 500 posting its longest advance since January. Bonds and the dollar barely budged.