Oil rises on stalled peace talks while Wall Street stocks slip
Key takeaways
- The outlook for Middle East talks remained uncertain after U.S.
- While worrying about the war, investors also waited with bated breath for economic data and earnings reports, according to Phil Blancato, chief market strategist at Osaic Wealth in New York.
- I don’t think the market’s going to grind a lot higher,” said Blancato. “The market is trying to hold on to its gains, waiting for more information to support where we’ve gone so far this year.”
Why this matters: local context for readers following news across Pakistan and the region.
NEW YORK/ LONDON: Oil futures rose on Monday as energy supplies were tight, with U.S.-Iran peace talks stalled while Wall Street equity indexes inched down as investors looked cautiously ahead to a busy week of megacap earnings reports, economic data, and central bank decisions.
While a ceasefire has paused fighting in the war triggered by U.S.-Israeli strikes on Iran two months ago, shipping through the Strait of Hormuz was still extremely limited, which pushed Brent futures to their highest levels in nearly three weeks.
The outlook for Middle East talks remained uncertain after U.S. President Donald Trump called off a weekend trip by his envoys and said Iran should phone when it wanted a deal. But sources from mediator Pakistan said efforts to bridge gaps between the U.S. and Iran continued.