Oil Prices Surge Amid US-Iran Tensions

0:00It's April 13th, I'm Cory with the story. This is Sydney News Today, driven by AI. Oil prices are sitting just under US$100 per barrel. That's about US$141 Australian dollars, while Australia's share. Market looks set to climb on open after US Stock State steady overnight. This comes, even though ceasefire talks fell apart in the ongoing US and Israeli conflict with Iran, but Wall Street traders still see hope to dodge a global economic disaster. News here at around 5.30 a.m. Australian Eastern Standard Time are pointing to a 1.37% jump for the local boards after. Monday's drop on week tech stocks and bad ceasefire news. Overnight in the States, the S&P 500 edged up half a percent. The Dow crept higher by 32 points or 0.1% and the NASDAQ gained 0.7%. Tensions spiked after weekends hawks failed, with President Trump announcing a blockade of the Strait of Hormuz to squeeze Iran's oil sales.

1:01Iran hit back, threatening every port in the Persian Gulf and Gulf of Oman, saying security there is all or nothing. Crude oil surged over 4% early, but cooled off, way louder than the wildswing since the war kicked off late February. Markets are drawing some calm from the fact that talks happened and the bigger ceasefire is holding for now, though a lot hinges on blockade details. Oman sacks posted 5.63 billion US dollars in quarterly profit, beating estimates, but his shares dipped 2.3% on. Software trading revenue. Standouts included Sandisk up 8.7% on a NASDAQ index swap and Oracle jumping 11.2%. Bond yields stay flat, with a 10-year treasury of 4.31%. While Europe and Asia mostly slid, like Hong Kong's Hong-seng, down 0.9%, oil remains the big worry hanging over everything as this plays out.