U.S. markets are pointing to a mixed open on Monday as oil prices climb due to a seeming stalemate over the Strait of Hormuz.
Futures for the S&P rose 0.2%, while futures for the Dow Jones Industrial Average fell 0.14%. Nasdaq futures were up 0.14% before the opening bell.
Iran insisted that the U.S. meet its demands in negotiations before the Strait of Hormuz reopens. Details emerged on the potential deal between Iran and Oman on managing the Strait of Hormuz as Tehran suggested that vessels linked to “hostile countries” would be barred.
Brent crude, the international standard, gained 1.4% to $84.68 per barrel. U.S. benchmark crude advanced 1.4% to $79.30 per barrel.
“Negotiators said that a deal to establish a safe shipping route was close, but Iran may now be exploring just how much it can extract from the U.S. in return,” Bas van Geffen, senior macro strategist for Rabobank, wrote.
Inflation will be the focus this week in the U.S. with new data from July landing midweek. The Labor Department releases its consumer price index Wednesday, with economists expecting a slight easing from June. On Thursday, the U.S. posts July data on producer prices, or costs that are in the pipeline before goods reach consumers.
In U.S. markets before the opening bell, the energy sector is rising in tandem with the price of oil. Marathon, Occidental and Valero were the biggest gainers.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. The Trucker Media Group is subscriber of The Associated Press has been granted the license to use this content on TheTrucker.com and The Trucker newspaper in accordance with its Content License Agreement with The Associated Press.
