Global Markets React as US Iran Ceasefire Expires and Oil Prices Surge
4 sources across 3 countries · United Kingdom · Italy · Philippines
Who reported this
- The Guardian
- Reuters
- Corriere della Sera
- Philippine Daily Inquirer
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
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Global financial markets experienced volatility on Tuesday following the expiration of a two month ceasefire between the United States and Iran. Brent crude oil prices rose above 90 dollars per barrel for the first time since July 30, reaching 91.63 dollars. This surge followed statements from Donald Trump, who demanded that Tehran surrender and threatened to bomb Oman if the country interfered with his efforts to end the war. An Iranian official told Reuters that the military would shift to a fully offensive stance, and a cargo ship was reported attacked in the Strait of Hormuz early Tuesday.
Market reactions were widespread. US stocks opened lower, and US 30 year yields reached their highest level since 2007. In Asia, major indices generally declined, though the Philippine Stock Exchange Index closed marginally higher at 6,264.70 after late bargain hunting offset initial losses. European markets were mixed: Frankfurt, Milan, and Paris saw declines, while London and Madrid posted slight gains. Energy stocks generally rose, with companies such as Eni, BP, and TotalEnergies seeing gains, while technology and semiconductor stocks faced significant pressure.
Analysts suggest the oil market is now pricing in a prolonged crisis in the Strait of Hormuz rather than a temporary disruption. Some experts warned of a double shock to energy prices if the Middle East conflict persists alongside the ongoing war in Ukraine.
How each side framed it
- Centre-left
- This outlet emphasized the aggressive rhetoric of Donald Trump and the specific military threats against Oman.
- Centre
- These outlets focused on the technical market data, including specific index movements and bond yields.
- Centre-right
- This outlet highlighted the contrast between the decline in tech stocks and the growth in European oil companies.
Sources
- Centre-right Corriere della Sera: Stock markets live, oil price today August 18 | Europe and Asia down with a rise in crude and pressure on tech: Brent above 90 dollars
- Centre Philippine Daily Inquirer: PSEi inches higher on bargain hunting
- Centre Reuters: US 30-year yields hit highest level since 2007 as war, oil worries fester - Reuters
- Centre Reuters: Oil market starts pricing in a prolonged Hormuz crisis - Reuters
- Centre Reuters: US stocks open lower as Iran stalemate lifts oil, yields - Reuters
- Centre-left The Guardian: Oil prices jump after US-Iran ceasefire expires and Trump threatens Oman
100% of the statements in this article were traced back to the source articles listed above.