GLOBAL MARKETS-Stocks ease ahead of Friday US jobs data; oil jumps on Iran news

Major stock indexes declined on Thursday ahead of the US jobs report, while oil prices surged due to escalating tensions in the Strait of Hormuz, potentially impacting inflation and growth.

Most major stock indexes ‌eased on ​Thursday ahead of Friday's key U.S. jobs report, while oil prices jumped on the latest developments in Iran. Iran's semi-official Fars news agency reported, citing a lawmaker, that an Iranian parliamentary committee is ‌reviewing a preliminary bill that would bar U.S., Israeli and other "hostile" vessels from transiting the Strait of Hormuz. The draft bill would impose fines of up to 20% of a ship's cargo value for violations of the proposed restrictions. U.S. crude rose 3.39% to $77.78 a barrel and Brent rose ‌to $82.72 per barrel, up 4.12% on the day. Higher oil prices are a negative for consumers and the economy. "It's better that ‌the strait is open than it is not. But the longer that this back and forth goes on, the more I think it weighs on inflation expectations, it'll weigh on growth," said Will Compernolle, macro strategist at FHN Financial. All three of the major U.S. stock indexes were lower, while a global stock index also was ⁠down. The Dow ​Jones Industrial Average fell 374.38 points, ⁠or 0.69%, to 53,974.74, the S&P 500 fell 15.36 points, or 0.20%, to 7,708.09 and the Nasdaq Composite fell 8.37 points, or 0.03%, to 26,355.07. MSCI's gauge of stocks ⁠across the globe fell 4.46 points, or 0.39%, to 1,145.08. The pan-European STOXX 600 index rose 0.16% and hit another record high, driven by media and telecoms ​stocks.

YIELDS, DOLLAR RISE U.S. data showed that the number of Americans filing claims for unemployment benefits increased slightly last week, while layoffs ⁠dropped to a two-year low in July, consistent with a stable labor market. The claims data have no bearing on the Labor Department's closely watched employment report for July, ⁠scheduled ​to be released on Friday. Many economists and traders are still expecting the U.S. central bank to raise interest rates next month unless inflation improves. The yield on benchmark U.S. 10-year notes rose 5.06 basis points to 4.668%, from 4.617% late on Wednesday. The U.S. dollar rose against ⁠the Japanese yen, helped by safe-haven positioning. The dollar index, which measures the greenback against a basket of currencies including the yen and the ⁠euro, rose 0.31% to 99.97, with ⁠the euro down 0.28% at $1.1519. Against the yen, the dollar strengthened 0.44% to 158.43. The yen gained after the U.S. and Japanese governments intervened in the market on Friday.