Oil Prices Surge, Stocks Pull Back Amid U.S.-Iran Tensions

0:00Oil prices jump 5.1% today, hitting $94.98 a barrel for Brent Crude, all thanks to fresh. U.S. Iran tensions over that seized Iranian cargo ship dodging the blockade. Stocks pulled back a touch with the S&P 500 down 4.10% from its record high, the Dow off 115 points, or 2.10s. And Nasdaq dropping 7.10s as of 11 a.m. Eastern. This flips Friday's vibe when markets cheered Iran's short-lived reopening of the Strait of Hormuz, only for them to slam its shut again Saturday after. The U.S. blockade pushed still, oil's nowhere near its war peak above 119 bucks. Airlines and Cruises took hits from higher fuel costs, like an Norwegian cruise line down 5.1%, and American Airlines off 5%, while top-builds surged 16.4% on a $17 billion buyout by QXO. Banks are calling the economy tough amid the chaos, fueled by strong first quarter profits and consumer spending.

1:06S&P earnings could rise 13% year over year, with big reports from United Health, Tesla, and Proctor and Gamble this week. Keeping eyes on that Tuesday 8 p.m. Eastern. Seas fire deadline. Local news, powered by AI, this is Canada News today.