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Stocks firm, oil steadies after sell-off on Middle East turmoil

US and European stock markets firmed and energy prices steadied Wednesday after President Donald Trump sought to ease oil supply concerns triggered by the conflict between the United States and Iran.

Markets have been roiled over the last two days as the conflict between the United States and Iran effectively closed shipping through the narrow Strait of Hormuz. A fifth of the world’s crude oil travels through it, as well as considerable liquefied natural gas (LNG) supplies. The shippling lane closure sent crude and gas prices higher, triggering fears that inflation could strangle economic growth.

President Donald Trump sought to allay concerns about oil supply being choked off on Tuesday, saying the US Navy was ready to escort oil tankers and that the United States would offer shippers insurance.

“That announcement tempered the spike in oil prices that has persisted today,” said Briefing.com analyst Patrick O’Hare.

Also today

• Motorists in Luxembourg are facing a sharp rise in fuel prices, with diesel increasing by more than 20 cents per litre and heating oil also becoming significantly more expensive from Thursday midnight.
• The Luxembourg government has provided new details on its ambitious “AI4Lux” project, a public-private partnership with French artificial intelligence startup Mistral AI
• A report by the National Institute of Health highlights the increasing mental health toll of daily commuting, linking long journeys to higher levels of stress, anxiety, and depression due to lost personal time
• Dozens of bodies have been recovered after an Iranian warship was torpedoed by US forces today, the fifth day of a regional war sparked by US-Israeli attacks on Iran.
• The EU has unveiled a new “Made in Europe” initiative to help bolster the bloc’s industries against fierce competition from China, in a push that was held up for months by wrangling over plans some see as overly protectionist.
• A Greek appeals court has upheld convictions for leaders and members of the neo-Nazi party Golden Dawn in a landmark trial over crimes committed at the height of the country’s economic crisis

On air

Another great giveaway today, as the lead singer of Editors, Tom Smith, visits Luxembourg in a week, and we have tickets to go!

Figure of the day

History made as New Zealand’s Finn Allen blasted a 33 ball century.

New Zealand’s Finn Allen blasted the fastest century in T20 World Cup history in Kolkata as his side hammered South Africa by nine wickets to reach the final.

• Chasing 170 to win the first semi-final, Allen hit an unbeaten 100 off just 33 balls, to obliterate the previous mark of 47 balls by Chris Gayle, as New Zealand raced home with 7.1 overs to spare.
  

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