By Joe Wallace
Oil prices pushed higher early Thursday, extending an advance that has rippled through financial markets and threatens to set off convulsions in the world economy.
Brent crude, the energy benchmark, rose 2% to about $83 a barrel while U.S. crude prices reached $76 a barrel. The de-facto closure of the Strait of Hormuz has trapped thousands of ships in the Persian Gulf and is backing up through the oil industry, forcing Gulf producers to slash output and Asian refiners to hunt for alternative supplies.
Stock futures were muted after Wednesday's session, when stocks recovered losses from earlier in the week while the oil-price rally paused. Broadcom rose 6% in premarket trading after reporting higher AI-related sales in quarterly results.
As higher oil prices cast doubt on the prospect of immediate interest-rate cuts under a new Federal Reserve chair, Treasury yields were on track to rise for a fourth consecutive day. In international markets, South Korea's Kospi surged almost 10%, a day after a historic rout.
Investors say the immediate outlook for markets will hinge on whether tankers can start moving through the Strait of Hormuz, freeing almost one-fifth of daily oil and liquefied natural gas supplies. Several tankers have been attacked in the region, prompting tanker owners and traders to pause shipments and President Trump to promise naval escorts.
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(END) Dow Jones Newswires
March 05, 2026 05:08 ET (10:08 GMT)
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