Oil hovers just under $100, though US stocks hold steady on hopes for US-Iran talks
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Oil prices are hovering just under $100 per barrel after 21 hours of ceasefire talks failed to end the U.S.-Iran war. US stocks are holding steady, with the S&P 500 rising 0.5% in afternoon trading, as Wall Street sees a chance to avoid a worst-case scenario for the global economy.
Oil prices are near $100 per barrel after US-Iran ceasefire talks failed. The US has announced a blockade of the Strait of Hormuz, which may prevent Iran from selling oil. US stocks are steady, with the S&P 500 up 0.5%. The Dow Jones Industrial Average is up 32 points. Crude oil prices rose over 4% but pared earlier spikes. The blockade may keep more oil off the global market, raising prices. Iran has threatened all ports in the Persian Gulf and the Gulf of Oman. Big US companies are reporting their quarterly earnings, with Goldman Sachs making $5.63 billion in profit.
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