Oil Falls More Than 7% and Stocks Rebound on Hopes of an End to the Iran War
Brent settled at $104.77 a barrel. The S&P 500 rose 0.5% after three straight losing weeks.
By Watchman Report staff ·
Oil prices fell more than 7% on Monday as talks between Iranian and Qatari officials raised hopes for an end to the U.S.-Israeli war with Iran, Reuters reported. Brent crude settled $8.66 lower at $104.77 a barrel, and U.S. West Texas Intermediate fell $7.66 to $96.46.
President Donald Trump said Monday that Iran wants to make a deal and that one "could happen," according to Reuters. Iranian President Masoud Pezeshkian said Tehran "will try to resolve the problem with dialogue."
The S&P 500 rose 0.5%, coming off its third straight losing week, and the Dow added 391 points, the Associated Press reported. The world has drained nearly 1 billion barrels from inventories since the war disrupted Hormuz shipping, ADNOC chief Sultan Al Jaber said.
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