Oil prices fall as US stocks and Treasury yields ease on Hormuz hopes
Updated
Updated · The Associated Press · May 7
Oil prices fall as US stocks and Treasury yields ease on Hormuz hopes
14 articles · Updated · The Associated Press · May 7
Brent crude dropped 3.8% to $97.38, the S&P 500 rose 0.1% to another record, and the 10-year Treasury yield fell to 4.33%.
Markets were lifted by Pakistan-mediated signs of a possible US-Iran agreement to reopen the Strait of Hormuz, while strong quarterly earnings from companies including Datadog and DoorDash supported shares.
Oil and yields remain above pre-war levels, and tensions persist after a US jet disabled an Iranian tanker in the Gulf of Oman; mixed US jobs and productivity data also tempered sentiment.
With ADP and official payroll reports diverging, how can investors gauge the labor market's true strength and its impact on Treasury yields?
Will a potential U.S.-Iran deal cool inflation, or will a resilient labor market force the Fed to keep interest rates high?
As President Trump's new 'global tariff' looms, could it erase any inflation relief gained from a potential Middle East peace deal?