Wall Street edges up, oil rises after Iran threatens energy blockade
7 reported
Stock indexes were mostly rising in premarket trading on Wall Street Wednesday, and oil prices rose modestly after Iran threatened to block Middle East energy exports in retaliation for the U.S. resuming its blockade of Iranian ports. Futures for the S&P 500 inched up 0.1%, while Nasdaq futures climbed 0.5%. Morgan Stanley shares rose 2% after reporting record second-quarter revenue of $21.3 billion and profit of $5.6 billion. Iran’s paramilitary Revolutionary Guard threatened Wednesday to halt all energy exports from the region, stating that “the export of oil and gas from the region will be either for everyone or for no one.” Brent crude rose 63 cents to $85.36 a barrel, and benchmark U.S. crude gained 46 cents to $79.80. In Asia, South Korea’s Kospi surged 6.2%, while Japan’s Nikkei 225 rose 1.5%.
What’s reported
Stock futures were mostly higher Wednesday: S&P 500 futures up 0.1%, Nasdaq futures up 0.5%, Dow futures unchanged.
Morgan Stanley shares rose 2% in premarket after reporting record Q2 revenue of $21.3 billion and profit of $5.6 billion.
Iran’s paramilitary Revolutionary Guard threatened to halt all Middle East energy exports over the U.S. blockade.
U.S. President Donald Trump announced Monday that the blockade was resumed as an interim agreement on ending the war unraveled.
Brent crude rose 63 cents to $85.36; U.S. crude gained 46 cents to $79.80.
South Korea’s Kospi surged 6.2% to 7,284.41; Japan’s Nikkei 225 rose 1.5% to 68,751.51.
China’s Shanghai Composite lost 0.3% to 3,955.58 after the government reported the economy expanded at a 4.3% annualized pace in April-June.
Key figures
Tim Waterer, chief market analyst at KCM Trade
Yuri Kageyama, reporter (Threads handle provided)
Sources: abcnews.com
