Oil

A third of all oil traded by sea passes through the strait, which is the narrow mouth of the Persian Gulf.

Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices.

Crude oil prices and the yield on the 10-Treasury closed relatively unchanged: $53.28 per barrel and 2.15 percent, respectively.

The Organization of the Petroleum Exporting Countries and some non-members, including Russia, have withheld supplies since the start of the year to prop up prices.

Supply has also been limited by U.S. sanctions on oil exports from Iran and Venezuela.

Oil prices have plunged as investors get more concerned about an economic slowdown.

U.S. crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday.

The oil market had been weighed down earlier in the session by concerns about slowing global growth and comments from Russia's top oil producer that it would oppose extending joint cuts with OPEC until the end of the year.

Brent crude prices have dropped almost 20% from their 2018 peak.

The steep declines came alongside a broad retreat in riskier assets after President Trump announced a plan to impose escalating tariffs on Mexican imports starting June 10.

The extreme weather and record flooding that has been hammering the Plains and Midwest will likely impact everyone’s wallet.

S&P 500 index closes at 3 month low, after hitting record high only a month ago

The Energy Information Administration (EIA) said U.S. crude stockpiles fell nearly 300,000 barrels last week.

Prices were down slightly on Wednesday, but experts say they will remain under pressure.