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Oil hovers near highest level of Iran war and stocks edge lower [Globe and Mail, The (Toronto, Canada)]
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The U.S. stock market, though, continues to shrug it off and is dipping only modestly from its record heights. The price for a barrel of Brent crude oil to be delivered in June jumped 7.3% to $119.34, as of 1:15 p.m. Eastern time and got as high as $119.76, bringing its gain of the week so far to more than 10%. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 6.6% to $111.27 per barrel. Oil prices have leaped as President Donald Trump appears willing to keep up the U.S. blockade of Iranian ships, which is preventing the country from making money by selling oil. Iran, in turn, is keeping the Strait of Hormuz closed to other oil tankers hoping to carry crude to customers worldwide as long as the blockade continues. The U.S. stock market lost some ground as the countdown ticks to an afternoon announcement from the Federal Reserve on what it will do with interest rates. The S&P 500 fell 0.2%, a day after falling from its all-
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