Oil up 2% as Trump threatens new sanctions on Iran
Oil prices settled nearly 2% higher on Thursday after U.S. President...
Oil prices settled nearly 2% higher on Thursday after U.S. President Donald Trump threatened secondary sanctions on Iran after a fourth round of U.S.-Iran talks was postponed.
Brent crude futures settled higher at $62.13 a barrel, up $1.07, while U.S. West Texas Intermediate crude futures closed $1.03 higher at $59.24 a barrel.
Trump said all purchases of Iranian oil or petrochemical products must stop, and any country or person buying any from the government would be immediately subject to secondary sanctions.
His comments follow the postponement of talks, which had been due to take place in Rome on Saturday, over Iran's nuclear program. A senior Iranian official told Reuters a new date will be set depending on the U.S. approach.
Several OPEC+ members are set to propose that the group accelerate output hikes in June for a second consecutive month, according to three people familiar with OPEC+ talks. Eight OPEC+ countries will meet on May 5 to decide a June output plan.
S&P 500 logs largest 8-session gain since 2020, Nasdaq recoups recent losses
U.S stocks closed higher Thursday, with big gains for...
U.S stocks closed higher Thursday, with big gains for the Nasdaq Composite allowing it to recoup all of its losses since President Donald Trump's "liberation day" tariffs were announced after the April 2 market close.
Stocks fell sharply after the extra tariffs were outlined, and then partially paused by Trump for 90 days, except for those on China. Talk of coming trade deals have helped stocks recover some of that ground, as have strong earnings from megacap tech companies.
The Dow Jones closed higher for an 8th straight day on Thursday, adding 83.60 points, or 0.2%, and ending at 40,752.96.
The S&P 500 added 35.08 points, or 0.6%, ending at 5,604.14, also climbing for an 8th consecutive session, and logging its biggest percentage gain over that stretch since the eight days ending Nov. 11, 2020, according to Dow Jones Market Data.
The Nasdaq gained 264.40 points, or 1.5%, ending at 17,710.74.
The Dow still had 3.5% to recover from the slide following April 2 tariffs, while the S&P 500 was off 1.2%, according to Dow Jones Market Data.
Up next, a big focus will be on April's jobs report released Friday morning.
Leading US oilfield services companies Halliburton and Baker Hughes are...
Leading US oilfield services companies Halliburton and Baker Hughes are bracing for financial headwinds and earnings declines as US tariffs drive up supply chain costs and pressure oil prices. At the same time, SLB and Liberty Energy are making supply chain adjustments to mitigate tariff impacts, while shale producers such as Diamondback Energy and Devon Energy are prioritizing efficiency and generating free cash flow.
Surging natural gas demand from AI data centers could lift US gas prices...
Surging natural gas demand from AI data centers could lift US gas prices and strain power infrastructure, casting doubt on the durability of cost advantage that powers American liquefied natural gas exports. With domestic consumption rising and production forecast to peak in the early 2030s, LNG developers could face shrinking margins and stiffer competition abroad, while policymakers may be pressed to prioritize internal energy needs over expanding global gas sales, writes Ron Bousso.
The meltdown over President Trump’s tariff back-and-forth isn’t just...
The meltdown over President Trump’s tariff back-and-forth isn’t just relegated to the stock market anymore. Now, macroeconomic data proves what beauticians and nightclubbers already knew: the US economy is indeed contracting.
On Wednesday, the Commerce Department reported that gross domestic product (GDP) decreased 0.3% in the first quarter of 2025, significantly below the 0.4% increase economists had projected. That’s a steep decline from Q4’s 2.4% growth, and marks the first time GDP has turned negative since all the way back in 2022.
As big-box retailers warned us, shoppers aren’t feeling spendy, but they were still willing to open their wallets before tariffs took effect. Consumer spending, which accounts for roughly 70% of the economy, rose 1.8% in Q1—its slowest increase since mid-2023, but far from a catastrophic downturn.
Companies were also in a hurry to get ahead of tariffs: Imports jumped 41.3% for the quarter, while exports rose only 1.8%. That trade imbalance, combined with a cut in federal spending from Musk’s DOGE efforts, weighed on GDP, according to the Commerce Department.
However, if this is how the numbers look now, just wait until the full range of tariffs is fully implemented.
