Arab sources reported several severe explosions in the Strait of Hormuz on October 8, with one tanker reportedly targeted, sending US stocks lower. Earlier the same day, President Trump said the United States will not attack Iran before the November 3 midterm elections, citing productive talks with Tehran.
Arab sources, described as unverified, reported several severe explosions in the Strait of Hormuz on October 8, with one tanker reportedly targeted. Oil prices bounced on the reports, while geopolitical risk from the Middle East remained a problem for traders, according to investinglive.
US stocks reversed course and moved lower after the news. The Nasdaq tested the low of its old swing-area highs between 27,190 and 27,288, touching 27,210. The S&P 500 fell below its previous high swing area at 7,771.48, trading at 7,756.29.
Earlier the same day, President Trump said the US is having productive talks with Iran and will not attack the country before the midterm elections. According to Reuters: "We are having productive discussions with the Islamic Republic of Iran." He said the US blockade of Iranian ports remains in effect and that oil is flowing through the Strait of Hormuz.
The United States and Israel launched strikes on Iran in February, and the war's $3 billion monthly price tag has become a key issue on the campaign trail. High gas prices and the war are weighing heavily on Republican candidates and threatening their congressional majority, even as Iran and the US have exchanged proposals in recent weeks aimed at ending the war and reopening the Strait of Hormuz. Trump rejected Tehran's latest offer.
Sources: Investinglive RSS Breaking News Feed, Commodities & Futures News
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