Oil prices surge over 11%. JPMorgan: If the Strait of Hormuz remains closed, oil prices could rise above $150.

(Source: 财闻)

          JPMorgan Chase says that in the near term, oil prices could rise to between $120 and $130 per barrel, and adds that if the Strait of Hormuz remains closed until mid-May, oil prices could rise to above $150.            

Late on Wednesday evening in Eastern Time, US President Trump delivered a televised address on the conflict with Iran. Public opinion generally believes that the content of his remarks was confused, with many statements contradicting each other. US media commented that while Trump did his best to defend the war, he failed to ease concerns about how the conflict may unfold. In the market, investors’ earlier optimistic expectations that the war could end quickly were shattered. International oil prices surged sharply on Thursday. New York crude oil futures at one point jumped more than 13%; as of the close that day, the light sweet crude oil futures for May delivery on the New York Mercantile Exchange settled at $111.54 per barrel, up 11.41%. The London Brent crude oil futures for June delivery settled at $109.03 per barrel, up 7.78%.

JPMorgan Chase: If the Strait of Hormuz remains closed, oil prices may rise to above $150

JPMorgan Chase says that in the near term, oil prices could rise to between $120 and $130 per barrel, and adds that if the Strait of Hormuz remains closed until mid-May, oil prices could rise to above $150.

US three major stock indexes on Feb 2 moved in different directions

In the US stock market, investors closely watched news related to the situation in the Middle East. At the close, all three major indexes ended with gains and losses mixed. The Dow Jones Industrial Average fell 0.13%, the S&P 500 rose 0.11%, and the Nasdaq rose 0.18%.

Tesla’s Q1 deliveries fell short of expectations; its share price dropped by more than 5% on Feb 2

For the company, Tesla released its Q1 production and delivery report on Thursday. The data showed that global electric vehicle deliveries in the quarter were 358,023 units, below the roughly 370k-unit average expected by analysts compiled by Bloomberg—one of the weaker quarters for the company in recent years. After the data was released, Tesla’s share price plunged 5.42% on Thursday. Although Tesla has long emphasized its strategic layout in artificial intelligence, autonomous driving, and robotics, its traditional auto business is still its main source of cash. Due to poor performance in the sales business, by the close on Thursday, Tesla’s share price had cumulatively fallen by about 20% from this year’s high.

US three major stock indexes in Europe on Feb 2 showed divergent trends

The European market was also highly focused on the latest developments in the conflict between the US and Iran. Analysts say Europe, as a net energy importer, is highly sensitive to fluctuations in oil prices. If oil prices remain high going forward, it will continue to put sustained pressure on corporate costs, consumer spending, and inflation trends. At the close on Thursday, the three major European stock indexes moved in different directions. The UK’s FTSE 100 index rose 0.69% from the previous trading day; France’s CAC 40 index fell 0.24%; and Germany’s DAX index fell 0.56%.

International gold and silver prices fell on Feb 2

In precious metals, international gold and silver prices fell on Thursday, driven by a sharp rise in the US dollar and US Treasury yields. By the close on that day, the gold futures price for June delivery on the New York Mercantile Exchange settled at $4,679.70 per ounce, down 2.77%. The silver futures price for May delivery settled at $72.924 per ounce, down 4.15%. (CCTV Finance)

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