Oil prices edged higher and global stock markets cooled on Tuesday as investors wavered between optimism and despair over the stalled peace talks between the United States and Iran.
President Trump said on Monday that the cease-fire was “on massive life support” after rejecting the latest Iranian offer to end the war and reopen the Strait of Hormuz, the vital waterway through which nearly a fifth of the world’s crude oil is usually carried on cargo ships.
U.S. inflation data released later in the day will offer a gauge of how the war is affecting prices for Americans.
Oil prices climb again.
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The price of Brent crude, the global benchmark for oil, rose more than 1 percent on Tuesday, climbing back above $105 a barrel.
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West Texas Intermediate crude, the U.S. benchmark, rose 2 percent to just under $100 a barrel.
Stocks tumble on shaky cease-fire.
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Futures trading on the S&P 500 indicates that the stock markets will open lower on Tuesday after edging higher on the day before.
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Stocks in Europe slid. The Stoxx 600, a broad European index, and the DAX in Germany slipped about 1 percent. In Britain, where Keir Starmer is fighting for his premiership, the FTSE 100 edged lower.
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In South Korea, the benchmark Kospi index, which has been setting record highs thanks to artificial intelligence investing, shed more than 2 percent after talk of a tax on A.I. profits.
Gas prices dip.
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Gas prices fell two cents on Tuesday, to a national average of $4.50 for a gallon of regular, according to the AAA motor club. Despite the decline, drivers are still paying 51 percent more for gas since the conflict began.
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Gas prices don’t move in lock step with changes in crude oil prices, usually trailing increases or drops by a few days.
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The average price of diesel held steady at $5.64 on Tuesday, up 50 percent since the start of the war.
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