Oil prices rose to around $111 a barrel after the US and Iran rejected a ceasefire deal, but stocks also edged higher, breaking with the âoil up, stocks downâ trend.
Though there was a ânoticeable uptickâ in traffic through the Strait of Hormuz over the weekend, most ships remained blocked, and oil markets reacted.
But unusually, stock markets edged higher Monday, breaking the pattern that has largely held since the war began in late February. There are confounding factors: The US jobs data for March was released on Friday, and investors were unable to trade on the news until after the long weekend. But it may be a sign the markets have priced an ongoing energy shock into their calculations.
