The Dow Jones (DJIA) is set to open Tuesday in the green, shrugging off rising oil prices and a rough start to the Hormuz Coalition.
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Forget margin or options. Here's how the pros trade QQQBrent crude futures (BZ) are up by 2% in early morning trading after Iran targeted key energy infrastructure sites in Iraq and the United Arab Emirates. In addition, traffic through the Strait of Hormuz, which handles roughly 20% of global oil flows, remains at a near standstill.
Hormuz Coalition Faces Resistance from Allies
Meanwhile, President Trump’s efforts to gather participants for the Hormuz Coalition have faced pushback. Germany has rejected the call, while Australia and Japan have signaled that they are unlikely to join. The United Kingdom and France are still in discussions to provide support for tankers traversing the passage, although no guarantees have been provided.
Over the weekend, Trump warned allies that “we will remember” if countries turn down the request to join the coalition.