Dow jumps 200 points, Brent crude oil sees wild swings as it heads for record monthly surge
US stocks jumped Monday afternoon and oil prices went on a wild ride as President Trump signaled a possible end to the war in Iran – even as the vital Strait of Hormuz remained closed and Tehran attacked Israel’s largest oil refinery.The Dow Jones Industrial Average had risen 228 points, or 0.5%, by about 1 pm Eastern Time Monday after ending the previous week in correction territory.The S&P 500 jumped 0.1% while the Nasdaq dipped 0.1%.Brent crude oil prices slipped 0.4% to $112.10, after hitting $115 a barrel earlier in the session as traders remained concerned about damage to Middle Eastern energy infrastructure.
West Texas Intermediate crude jumped 3.3% to $102.97.National average gasoline prices hit $3.99 on Monday – the highest level since 2022, according to AAA.Trump said Monday that a deal to wind down the conflict – now in its fifth week after the US and Israel launched air strikes on Iran on Feb.28 – was “probably” close, helping the Dow regain some of last week’s losses.But in the same Truth Social post, Trump warned that the US would obliterate Iran’s power plants, oil wells and key energy hub, Kharg Island, if it does not reopen the Strait of Hormuz – a vital maritime route for 20% of the world’s oil – within a week.Meanwhile, Iran struck Israel’s largest oil refinery and its Houthi allies blasted a water and electrical plant in Kuwait – ramping up concerns that energy prices will remain elevated even if the war ends soon, since it will take time to repair damages.Asked for his response on the strikes, Trump told The Post in an exclusive interview: “You’ll see shortly.”“The Dow average is responding in almost real time to every perceived micro-development in the potential end of the Iran war,” Kenin Spivak, CEO and chairman of SMI Group, told The Post.
“By contrast, oil prices are more attuned to what is happening in the Strait of Hormuz.” Brent crude has soared more than 55% so far in March – on track f...