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Oil Spikes on Iran Tensions as Stocks Slide on Fed Rate Hike Fears

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The Story

News Summary

  • US stocks closed lower as Middle East tensions over the Strait of Hormuz spiked oil prices, fueling inflation fears and hawkish Fed rate expectations.
  • Weak tech/software earnings (Datadog, AppLovin) added pressure, while energy stocks and XOM gained on the oil rally.
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XOM price history

168.20 +49.83% over the displayed period

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