NEW YORK: Wall Street stocks opened higher Tuesday on hopes for a near-term resolution to the Middle East war despite the continued blockage of most petroleum deliveries in the Strait of Hormuz.
Equities have been “energized” by reports that President Donald Trump could soon end the war with Iran, said Briefing.com analyst Patrick O’Hare.
READ MORE: Wall Street rebounds after recent selloff with ME conflict in focus
About 15 minutes into trading, the Dow Jones Industrial Average was up 1.0 percent at 45,677.81.
The broad-based S&P 500 gained 1.3 percent to 6,426.13, while the tech-rich Nasdaq Composite Index jumped 1.7 percent to 21,138.99.
Pentagon chief Pete Hegseth said Tuesday that the next days of the Iran war will be “decisive” while refusing to rule out US ground forces playing a role in the conflict.
Trump said countries that have not joined the Middle East war but are struggling with fuel shortages should “go get your own oil” in the Strait of Hormuz, according to a social media post.
Meanwhile, the average price of gasoline at US pumps has soared past $4 a gallon, the highest for nearly four years on the back of the Iran war.
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