Oil prices inched higher Sunday as trading resumed after a weekend of attacks and threats by Iran and the United States that threatened their cease-fire agreement and the recovery of shipping in the critical oil shipping route, the Strait of Hormuz.
Stocks were little changed after widespread losses last week driven by sharp volatility in technology shares, as traders became jittery about the boom in artificial intelligence spending.
On Saturday, an oil tanker was struck, prompting the U.S. military to hit Iranian air-defense sites and other military infrastructure. Iran’s Revolutionary Guards retaliated Sunday, saying they had targeted a U.S. naval base in Bahrain and an air base in Kuwait with drones and missiles. No casualties were reported.
