Oil prices ticked down and futures on the S&P 500 rose slightly on Sunday as investors reacted to continued uncertainty surrounding talks between the United States and Iran. President Trump said on Saturday that he was reviewing a peace proposal from Iran, but that he doubted it would be acceptable.
On Sunday evening, Mr. Trump signaled there could be some progress in moving ships out of the Strait of Hormuz, the vital oil trade route south of Iran. He wrote on social media that, beginning Monday morning, the United States would “use best efforts” to get ships out of the strait that were not involved in the conflict. Mr. Trump offered scant details about how the process would unfold.
Oil ticked down.
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The price of Brent crude, the global benchmark for oil, fell less than a percent on Sunday evening to about $107 a barrel.
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West Texas Intermediate crude, the U.S. benchmark, also dipped less than 1 percent, trading at roughly $101 a barrel.
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Investors and analysts are focused on the continued disruption to shipping in the Strait of Hormuz, the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas that normally carries as much as one-fifth of the world’s oil supply.
Stocks continued to climb.
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Futures on the S&P 500 pointed to a small move higher when stocks resume trading in the United States on Monday. The index notched its fifth straight week of gains on Friday.
Gasoline prices continued to rise.
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Gas prices rose again on Sunday, jumping to a national average of nearly $4.45 a gallon, according to the AAA motor club. The increase has raised the cost for drivers by just shy of 50 percent since the war began.
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Gas prices don’t move in lock step with crude, usually trailing increases or decreases by a few days.
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Diesel prices have increased even more quickly and stood at $5.64 on Sunday, up just over 50 percent since the start of the war.
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