Forecast Trend Report by Period
Oil prices rose after US and Iranian forces clashed in the Strait of Hormuz.
June West Texas Intermediate futures on the New York Mercantile Exchange were up 2.35% at $97.02 a barrel as of 8:35 a.m. Korea time on May 8.
WTI settled 0.3% lower on May 7 as optimism grew over progress in ceasefire talks between the US and Iran. Prices reversed course after news of the clash.
US stock-index futures also edged lower.
At the same time, Dow futures fell 0.06%, S&P 500 futures declined 0.13%, and Nasdaq 100 futures slipped 0.15%.
The US military said it struck Iranian military facilities in self-defense after responding to an Iranian attack in the Strait of Hormuz.
In a statement posted on X, US Central Command, which has directed the war against Iran, said a US Navy guided-missile destroyer was transiting the Strait of Hormuz toward the Gulf of Oman on May 7 when US forces repelled what it called an unprovoked Iranian attack and carried out retaliatory strikes in self-defense.
Later, President Donald Trump said the ceasefire remained in place despite the clash. "The ceasefire is continuing. It is in effect," he said.
Park Geun-a, Korea Economic TV reporter twilight1093@wowtv.co.kr
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
