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Oil prices increase amid uncertainty over Iran war
Brent crude rises 3.9% to $82.55 a barrel
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Key Takeaways:
- Oil prices are up amid uncertainty about the direction of the U.S. war with Iran.
- Markets will get an update Aug. 7 on U.S. jobs with the monthly employment report for July, and analysts say investors appear to be bracing for its potential impact.
- Strong corporate profits and expectations for more growth ahead generally have been steering U.S. stocks higher.
NEW YORK — Stocks swayed in morning trading on Wall Street on Aug. 6 as a wide variety of companies reported their latest financial results.
Oil prices gained ground as uncertainty remains over the U.S. war with Iran that has stifled the global flow of oil. The price of Brent crude, the international standard, rose 3.9% to $82.55.
Iran has said that it is close to a deal with Oman to reopening the Strait of Hormuz. President Donald Trump has also previously said a deal is close, but the conflict has had many starts and stops over the last five months.
The increase in oil prices has added more heat to inflation by raising the price of gasoline and raising costs for shipping.
The S&P 500 rose 0.2% and is hovering around the record it set on Aug. 4. The Dow Jones Industrial Average fell 21 points, or less than 0.1%, as of 9:53 a.m. Eastern time, and is also hovering around its record. The Nasdaq composite rose 0.2%.
Wall Street opened the week soaring higher and notching records, but has calmed over the last two days. Companies from a mix of sectors reported their latest financial results, adding to an already busy round of corporate earnings reports.
we're on the cusp of seeing the highest ever national average this late in the year- 2022 was the previous record
8/5/22: $4.069/gal
8/5/26: $4.066/gal
In the next couple days, 2022's average will likely fall below the same day in 2026, leading to the highest late-summer average. — Patrick De Haan (@GasBuddyGuy) August 5, 2026
Keurig Dr Pepper rose 1% after reporting earnings and revenue that came in ahead of what investors were expecting. Molson Coors rose 1% after also reporting encouraging financial results.
On the losing end, Honeywell Aerospace fell 21% after turning in results that fell well short of forecasts. AppLovin slumped 19.6% after the digital ad company reported mixed financial results for its most recent quarter.
Outside of earnings SpaceX rose 0.6%. More than 911 million SpaceX shares held by early investors and employees become eligible for sale on Aug. 6 as a lockup period for the stock expires. That is more than double the shares that were initially offered to the public for sale during the initial public offering for Elon Musk’s company. SpaceX initially soared above the share’s $150 asking price, making Musk the world’s first trillionaire. They have since tumbled about 25%, and were trading around $110.
Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.64% from 4.63% late Aug. 5.
European markets were higher, and Asian markets closed mostly lower overnight.
Associated Press writers Elaine Kurtenbach and Hyung-jin Kim contributed to this report.
