Morning Business Report: Markets rise on ceasefire hopes, Oil drops after strike and BNPL loans to impact credit scores

Markets opened higher Monday following news that Iran and Israel had agreed to a ceasefire, helping to ease fears of broader conflict in the Middle East.

(LILAMAX)- Markets opened higher Monday following news that Iran and Israel had agreed to a ceasefire, helping to ease fears of broader conflict in the Middle East. Crude oil futures sold off sharply after an Iranian missile strike on a U.S. airbase in Qatar resulted in no casualties. Both The New York Times and President Donald Trump confirmed that Iran gave Qatar advance notice of the strike. Analysts say the oil market has, for now, avoided a worst-case scenario in which Iran could attempt to block energy exports from the Persian Gulf — a move that would have sent oil prices soaring.

Elsewhere in the region, airlines are rerouting more flights through the Middle East. While Qatari airspace has since reopened, closures have now been reported in Bahrain and the United Arab Emirates.

On Wall Street, stocks rallied Monday and closed near their session highs. Lower oil prices buoyed markets, and comments from a Federal Reserve governor suggested that an interest rate cut could still be on the table for July.

In housing news, existing-home sales ticked up 0.8% in May, snapping a two-month decline. Despite the slight improvement, the market remains sluggish. While the number of homes on the market is rising, affordability remains a major concern compared to levels seen six years ago.

 Changes may soon be coming to how credit scores are calculated. FICO announced plans to roll out a new suite of credit scores later this year that will include data from “Buy Now, Pay Later” (BNPL) loans. The move aims to give lenders a clearer picture of consumers’ repayment behavior on these increasingly popular installment plans — a major blind spot in current credit assessments.