Stocks Near Record High as Crude Oil Drops on Iran: Markets Wrap The global stock market's relentless march towards new highs is being fueled by a rare glimmer of hope in the oil market: the prospect of a US Iran deal to reopen the Strait of Hormuz.
The implications are far reaching, and not just for the bottom lines of energy companies.
Tensions in the Middle East have long been a major driver of price volatility in crude oil, which has been a key factor in the global economy's recent woes.