Morning Business Report: Oil prices fall, stocks slide, and higher-dose Wegovy approved in latest business updates

Oil prices dropped overnight after reaching their highest levels since mid-2022, as global leaders worked to ease concerns surrounding tensions between the United States, Israel, and Iran.

(LILIAMAX)- Oil prices dropped overnight after reaching their highest levels since mid-2022, as global leaders worked to ease concerns surrounding tensions between the United States, Israel, and Iran.

Leaders from both the U.S. and Israel sought to reassure investors following reports of damage to major energy facilities in the Persian Gulf. Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from further attacks on Iranian energy infrastructure, helping calm markets.

Meanwhile, U.S. stock markets continued their downward trend Thursday. Major indexes remain on track for a fourth consecutive losing week, with both the Dow and Nasdaq nearing correction territory.

In corporate news, FedEx reported a strong holiday quarter, boosting profits. The company also said it has not yet seen an impact on fuel prices related to the ongoing conflict in the Middle East.

On the health front, federal regulators have approved a higher-dose version of the popular weight-loss drug Wegovy. The new dosage, expected to be available in U.S. pharmacies in April, has shown increased effectiveness in clinical results.

Patients using the higher dose lost about 19 percent of their body weight, compared to 16 percent for those on the lower dose. Pricing details have not yet been announced.

In entertainment news, Labubu toys are heading to the big screen. Sony and Chinese retailer Pop Mart announced plans for a feature film based on the popular dolls. British director Paul King, known for “Paddington” and “Wonka,” is set to lead the project.