NEW YORK (AP) — Stocks around the world are clawing higher on Wednesday, and the S&P 500 climbed toward its first gain of what’s been a dismal week.

Even the oil market turned higher.

Prices for crude have been turned upside down because of how much extra oil is sloshing around following a collapse in demand.

After zig-zagging overnight, U.S. oil prices jumped 27% after President Donald Trump threatened the destruction of any Iranian gunboats that harass U.S. Navy ships, raising the possibility of a drop-off in oil supplies.

The S&P 500 rose 1.5% in morning trading, following milder gains in Europe.

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