NEW YORK (AP) — Brent crude oil topped $90 per barrel because of continued attacks between the United States and Iran. It rose 2.2% to $91.17, up from less than $72 early this month, which is roughly where it was before the war with Iran.
Rising oil prices are threatening a reacceleration of inflation, just as it was slowing more than economists expected. That in turn could push the Federal Reserve and other central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments.
On Wall Street, several stronger-than-expected profit reports from big U.S. companies helped stocks to strengthen.
General Motors cruised 3.8% higher after the automaker's profit and revenue for the latest quarter beat analysts' expectations and CEO Mary Barra said demand in North America remains strong.
Meanwhile, 3M climbed 9.9% after topping analysts' expectations for both profit and revenue in the latest quarter. It also raised its forecast for profit over the full year of 2026.
Companies broadly are under pressure to deliver strong growth in profit and revenue because of how high their stock prices have shot. Indexes are near their records, even with the recent shakiness for AI stocks.
After rocketing higher because of the boom in investment in AI chips and data centers, AI stocks have come under pressure in recent weeks on worries that they shot too high. Concerns are also weighing that AI investments may fall off if they don’t produce as much profit and productivity as promised.
