Oil rises back around $100, but US stocks hold steady as hopes continue for US-Iran talks
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Oil prices have risen to around $100 per barrel after 21 hours of ceasefire talks between the US and Iran failed. Despite this, US stocks have held steady, with the S&P 500 rising 0.2% in midday trading, as investors remain hopeful that a worst-case scenario for the global economy can be avoided.
Oil prices rose to around $100 per barrel after ceasefire talks between the US and Iran failed. The US stock market remained steady, with the S&P 500 rising 0.2%. The Dow Jones Industrial Average was down 0.4%, while the Nasdaq composite was 0.4% higher. The oil market showed more concern, with prices rising over 6% before paring gains. The US has announced a blockade of the Strait of Hormuz, which could further raise oil prices. Big US companies are beginning to report their quarterly earnings, with Goldman Sachs exceeding expectations with a $5.63 billion profit.
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