Wall street closes higher, undeterred by oil price volatility

US stocks rose modestly ahead of the open, despite the ongoing turmoil in the oil markets. Crude prices have surged over 40% since the conflict began, with recent attacks on key energy infrastructure in the Middle East. The attacks, including the shutdown of the Shah oilfield in the UAE and a port facility in Iran, have raised concerns about global supply disruptions.

Market reaction: stocks climb, oil volatility remains high

Despite the uncertainty, major US indices opened higher, with the S&P 500 rising 0.2% and the Dow Jones adding 0.2%. Tech stocks, however, remained steady, with the Nasdaq 100 unchanged.

The market's relative calm can be attributed in part to comments made by Nvidia CEO Jensen Huang during the company's GTC conference. Huang revealed that the chipmaker expects to reach over $1 billion in annual profits by 2027, driven by its AI-focused Blackwell and Rubin chips.

As the US and its allies intensify efforts to secure the Strait of Hormuz, President Donald Trump has repeatedly called for nations to collaborate in protecting the critical waterway. The threat of expanded attacks on Iranian oil facilities looms large, amid escalating tensions in the region.