Brent Falls to $87.33 as US Escorts 7 Million Barrels a Day Through Hormuz
Updated
Updated · yardeniquicktakes.com · Jun 14
Brent Falls to $87.33 as US Escorts 7 Million Barrels a Day Through Hormuz
2 articles · Updated · yardeniquicktakes.com · Jun 14
Summary
$87.33 Brent crude and modest gains in the S&P 500 and Nasdaq followed news that the US military is escorting ships carrying about 7 million barrels a day through the Strait of Hormuz.
Chris Wright disclosed the escorts on Friday, easing immediate supply fears even as uncertainty persisted over a possible US-Iran memorandum that Iranian officials said was not ready for Sunday.
US stocks also drew support from strong earnings expectations: analysts' five-year long-term growth consensus rose to a record 24.0%, while S&P 500 forward EPS reached a new high of $366.92.
The market backdrop remains mixed ahead of Wednesday's Fed decision, with recent oil relief potentially helping doves argue for a neutral stance instead of a tightening pivot.