Oil Prices Rise and Stocks Reverse Losses – US Market Wrap

Stocks rebounded sharply to close higher as investors watched new developments in the Strait of Hormuz and the Middle East conflict. Oil prices maintained significant rises.
The S&P 500 Index closed up 0.1% after losing almost 1.5% earlier in the session. The Nasdaq 100 finished 0.1% higher, rebounding from a steep loss. West Texas Intermediate was up 11% to about $111 per barrel.
Iran is preparing a pact with Oman to monitor traffic via the strait, which has been effectively closed since the start of the war, according to the state-run IRNA. In an interview with Sputnik, Iran’s Deputy Foreign Minister Gharibabadi stated that shippers would be required to pay tolls to the Islamic Republic.
The two-year Treasury yield was steady at 3.80%.
Shares of leading asset managers fell after Blue Owl Capital announced that it will limit redemptions from two of its private credit funds due to a surge in withdrawal requests.