Morning Business Report: Oil prices surge after Iran reportedly closes Strait of Hormuz, mortgage rates rise
Oil prices are surging and global markets are reacting after Iran’s Revolutionary Guard reportedly announced it has closed the Strait of Hormuz, according to a Reuters report.
(LILAMAX)- Oil prices are surging and global markets are reacting after Iran’s Revolutionary Guard reportedly announced it has closed the Strait of Hormuz, according to a Reuters report.
Roughly one-third of the world’s seaborne oil exports passed through the Strait of Hormuz in 2025, making it one of the most critical energy chokepoints in the world. An Iranian commander has reportedly threatened to set fire to ships crossing the strait, escalating fears of a broader conflict in the Middle East
Despite the spike in crude and gasoline prices, the Trump administration has no immediate plans to release oil from the nation’s Strategic Petroleum Reserve
Meanwhile, JPMorgan Chase CEO Jamie Dimon says inflation may not become a major issue — if the conflict is short-lived. Dimon noted that gas prices could rise modestly in the near term, but said prolonged instability in the region would pose a greater inflation risk.
Wall Street ended the day with losses, though not as steep as earlier feared. The Dow Jones Industrial Average fell 85 points after being down nearly 600 at one point during trading. Defense and energy stocks were among the strongest performers amid escalating tensions involving Iran
In the housing market, the average rate on the popular 30-year fixed mortgage climbed 13 basis points to 6.12%. Mortgage rates tend to track the yield on the U.S. 10-year Treasury, which moved back above 4% following the conflict developments. The rate increase comes as the spring housing market begins to ramp up
In other business news, a recent DatingNews.com survey found that 70% of singles say they would be open to having a first date at a fast-food restaurant, citing high housing costs and student debt as reasons for choosing more affordable options. Among fast-food chains, Chick-fil-A ranked as the top choice, with 20% of singles naming it their number one pick for a first date
