Stocks Finish Lower as Soaring Crude Prices Spur Inflation Fears The Strait of Hormuz has become a focal point for global markets once again, with Iran's demand for compensation from the US threatening to disrupt oil flows and drive crude prices higher.
On Monday, WTI crude oil surged more than 5% on news that an agreement between Iran and Oman to reopen the strait remained elusive, despite Iranian Foreign Minister Abbas Araghchi's assertion that a deal is "very close.
" This development has put pressure on global markets, sparking inflation fears and sending stock indices lower.