Besides questions about the place of Iran and the state of the Middle East after Israeli attacks on Lebanon and Iran\u2019s retaliation against neighbouring countries, the energy market remains in turmoil after the essential closure of the Strait of Hormuz.<\/p>\n
But Trump, who had on Friday (local time) declared on social media that only Iran\u2019s \u201cunconditional surrender\u201d would end the hostilities, appears to be rethinking the situation, given the war\u2019s unpopularity and its harmful impact on financial markets, according to Hogan.<\/p>\n
Major US equity indices spent most of the day in the red, following a day of declines on European and Asian markets at the latest surge in oil prices.<\/p>\n
After increasing by around 30% during Asian trading, international benchmark Brent and the main US oil contract WTI both pared gains and slid back under US$100 ($168) per barrel.<\/p>\n
Brent finished up 6.8% at US$98.96 a barrel, while WTI gained 4.3% to US$94.77 a barrel.<\/p>\n
Both contracts were later in negative territory in after-hours trading following Trump\u2019s comments to CBS News.<\/p>\n
Iranian retaliatory attacks have all but halted maritime traffic through the Strait of Hormuz, through which a fifth of global crude oil and liquefied natural gas pass.<\/p>\n
All eyes will be on the Strait of Hormuz in the coming days.<\/p>\n
\u201cThe surge higher for the price of oil is significantly increasing stagflation risks for the global economy and could trigger a deeper sell-off in global equity markets,\u201d analyst Lee Hardman at the Mitsubishi UFG financial group said.<\/p>\n
Stagflation refers to a period of high inflation coupled with economic stagnation.<\/p>\n
Strait of Hormuz. Photo \/ Getty Images<\/p>\n
Key figures at around 2140 GMT<\/p>\n
Brent North Sea Crude: UP 6.8% at US$98.96 per barrel.<\/p>\n
West Texas Intermediate: UP 4.3% at US$94.77 per barrel<\/p>\n
New York \u2013 Dow: UP 0.5% at 47,740.80 (close)<\/p>\n
New York \u2013 S&P 500: UP 0.8% at 6795.99 (close)<\/p>\n
New York \u2013 Nasdaq Composite: UP 1.4% at 22,695.95 (close)<\/p>\n
London \u2013 FTSE 100: DOWN 0.3% at 10,249.52 (close)<\/p>\n
Paris \u2013 CAC 40: DOWN 1.0% at 7915.36 (close)<\/p>\n
Frankfurt \u2013 DAX: DOWN 0.8% at 23,409.37 (close)<\/p>\n
Seoul \u2013 Kospi: DOWN 6.0% at 5251.87 (close)<\/p>\n
Tokyo \u2013 Nikkei 225: DOWN 5.2% at 52,728.72 (close)<\/p>\n
Hong Kong \u2013 Hang Seng Index: DOWN 1.4% at 25,408.46 (close)<\/p>\n
Shanghai \u2013 Composite: DOWN 0.7% at 4096.60 (close)<\/p>\n
Euro\/dollar: DOWN at $1.1614 from $1.1618 on Friday<\/p>\n
Pound\/dollar: UP at $1.3427 from $1.3413<\/p>\n
Dollar\/yen: UP at 157.85 yen from 157.78 yen<\/p>\n
Euro\/pound: DOWN at 86.49 pence from 86.62 pence<\/p>\n
\u2013 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"Besides questions about the place of Iran and the state of the Middle East after Israeli attacks on…\n","protected":false},"author":2,"featured_media":322233,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[74,1863,64254,138,3043,5782,19398,2178,3806,8127,71,13484,10110,108531,5969,111,139,69,90,5493,1523,2572,56769,10042,13743,55917,1125,174111,643,84431,2179,3040,15391,80],"class_list":["post-322232","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-after","tag-back","tag-bounced","tag-business","tag-call","tag-comments","tag-declaring","tag-donald","tag-east","tag-end","tag-from","tag-higher","tag-middle","tag-mondays","tag-much","tag-new-zealand","tag-newzealand","tag-nz","tag-on","tag-open","tag-over","tag-president","tag-pretty","tag-rises","tag-sent","tag-session","tag-sharemarket","tag-skyward","tag-stocks","tag-strongly","tag-trump","tag-us","tag-wild","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/322232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=322232"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/322232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/322233"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=322232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=322232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=322232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}