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Emerging Stocks Halt Advance as Hormuz Tensions Rise
Middle-East tensions cause emerging-market stocks to drop as oil prices surge.
In brief
Middle-East tensions cause emerging-market stocks to drop as oil prices surge. Emerging-market stocks fell after Iran increased tanker attacks in the Strait of Hormuz, pushing oil prices above $101 per barrel. Originally reported by mint.
Emerging Stocks Halt Advance
Emerging-market stocks halted their advance and an index gauging the asset class’s currency returns declined as a flare-up in Middle-East tensions boosted the oil price and the dollar.
Iran Escalates Tanker Attacks
Iran ratcheted up the pace of attacks on tankers in the Strait of Hormuz, sending Brent crude prices to more than $101 per barrel.
Oil Shipments Return to Near Pre-War Levels
The attacks come just as oil shipments through one of the world’s most important energy waterways finally return to near prewar levels.
India’s Rupee Slumps
India’s rupee slumped 0.3% against the dollar after the central bank raised interest rates for the first time in almost four years.
What matters most
Emerging-market stocks fell after Iran increased tanker attacks in the Strait of Hormuz, pushing oil prices above $101 per barrel.
