Stock Market News From Oct. 15, 2024: Dow Falls After Bank Earnings; Walgreens, Nvidia, Charles Schwab, and More Movers; Oil Prices Drop

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Oct. 15, 2024 at 7:53 PM EDT

1 day ago

Anthony Harrup, Dow Jones Newswires

Oil futures fall after Israel assured the U.S. it would target Iranian military rather than oil or nuclear facilities in response to Iran's Oct. 1 missile attack.

Following the news, "crude oil squeezed another 5% of geopolitical risk out of the market," Mizuho's Robert Yawger says in a note. "Targeting Iran's military infrastructure would presumably minimize the chances of Iran targeting the Gulf states in a retaliatory strike and forcing the U.S. navy to keep the Strait of Hormuz open to oil tanker traffic, with as much as 20 million barrels of oil passing through the strategic hot spot every day," he adds.

Loss of demand, meanwhile, has "taken much of the sting out of the Middle East crisis," Yawger says.

WTI settles down 4.4% at $70.58 a barrel, and Brent falls 4.1% to $74.25 a barrel.