Oil hits $120 amid Hormuz Strait tensions, Trump pushes blockade
Business
Oil just shot up to $120 a barrel as tensions rise around the Hormuz Strait: think possible supply issues and higher costs for everyone.
President Donald Trump is pushing to keep the blockade going, which has investors worried about inflation.
Even bond markets are feeling it, with US 10-year yields ticking up to 4.42%.
Dow drops, Meta slides 7%
The Dow dropped for a fifth day straight, losing 280 points, while S&P 500 and Nasdaq futures showed a tiny bit of hope.
Meta's shares slid 7% after weak spending and user growth numbers, but Alphabet and Amazon both got a boost from strong first-quarter results.
Over in Asia, big indexes like the Nikkei and Hang Seng slipped too. Everyone's playing it safe with oil prices this high and inflation fears sticking around.