Oil Surges to $108 as Bitcoin Drops and Fed Decision Looms

Brent crude surged 2.75% to $108.23 per barrel today as geopolitical tensions around Iran and the Strait of Hormuz intensified, with Citi warning prices could spike to $150 if disruptions extend through June — and Goldman Sachs already lifting its Q4 Brent forecast to $90. The S&P 500 and Nasdaq Composite both closed at fresh records of 7,174 and 24,887 respectively, while the Dow fell 0.13% as rising oil and rate uncertainty weighed on blue-chip names. Bitcoin dropped 1.1% and failed to hold above $80,000 ahead of Wednesday's Federal Reserve decision, even as Strategy disclosed purchasing 3,273 BTC for $255 million at an average of $77,906. We also cover European weakness including UK retail sentiment hitting its worst level since 1983, record closes in Japan and South Korea, full FX technicals, and today's biggest movers: VeraDermics up 46%, Organon up 16%, Sandisk up 8%, ARM Holdings down 8%, and Domino's down 8%. Hosted on Acast. See acast.com/privacy for more information.