Oil surges 5% on Strait of Hormuz tension as gold tests $4,400

US crude settled $3.95 higher at $82.13 a barrel while gold held firm near $4,400 despite the 10-year Treasury yield rising to 4.70%; the S&P 500 slipped 0.05% to 7,753

Deepakshi

Kristal Research & Marketing team

11 Aug2 min

Key takeaways — AI summary

US crude oil jumped about 5%, settling $3.95 higher at $82.13 a barrel, driven by tension over the Strait of Hormuz — effectively shut for nearly six months — with Iran laying out six demands, including compensation and sanctions relief, to reopen it.
Gold climbed to test $4,400 an ounce, holding firm even as the 10-year Treasury yield rose about 0.05 points to 4.70%, reflecting strong safe-haven demand; the document notes the weekly gain is one seen only five times in over 70 years.
US stocks drifted lower in thin mid-August trading: the S&P 500 slipped 0.05% to 7,753, the Nasdaq 100 fell 0.34% to 26,622, and the Russell 2000 dropped 0.50%; energy led sectors up 4.6%.
Fed official Beth Hammack said current rates are not really slowing the economy and hinted more hikes may be needed, leaving markets viewing a September rate hike as a coin toss.
Among movers, MarineMax jumped 46.08% on a $1.5bn take-private by Blackstone's Safe Harbor Marinas at $53 a share, while Tenax Therapeutics collapsed 89.77% after its heart-failure drug failed a late-stage trial.

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