Morning Business Report: Oil prices surge above $100 as stocks fall; used car prices and home sales also rising

Oil prices are surging and stocks are falling as global markets react to escalating tensions in the Middle East.

8 hours ago

Keenan Gibson,

Morning Business Report: Oil Prices Surge Above $100 As Stocks Fall; Used Car Prices And Home Sales Also Rising

(LILAMAX)- Oil prices are surging and stocks are falling as global markets react to escalating tensions in the Middle East.

Crude oil prices jumped 17 percent overnight, climbing toward $110 per barrel. Oil is now about 50 percent more expensive than it was before the United States and Israel launched strikes on Iran on February 28. The spike comes as the Strait of Hormuz — a key shipping route along Iran’s southern coast — has been largely closed for more than a week, preventing fuel from reaching global markets.

The rising energy costs are also weighing on Wall Street. The Dow Jones Industrial Average dropped 450 points Friday as oil prices climbed above $92 a barrel. Meanwhile, new labor data shows job growth was unexpectedly weak in February, with the economy losing about 92,000 jobs last month.

In the auto market, used vehicle prices are also on the rise. Cox Automotive reports its Manheim Used Vehicle Value Index increased 4.2 percent in February compared with the same time last year. Dealers are optimistic about a strong spring sales season, fueled in part by larger tax refunds for consumers.

New data also shows more women are launching businesses. According to LinkedIn, the share of global founders who are women has increased by more than five percentage points over the past decade, with women now making up nearly 30 percent of founders worldwide. However, women still represent just 31 percent of vice president-level roles and above in corporations, despite making up 44 percent of the global workforce.

There may also be good news for home buyers this spring. Housing indicators suggest the spring home shopping season could be strong, with more homes hitting the market and affordability improving in many areas. Zillow data shows home sales increased 1.8 percent compared with a year earlier.