Oil prices dip, stocks rise on lingering Iran peace hopes despite uncertainty over talks
via Punch Nigeria4 min read
Oil prices fell on Tuesday while stocks rose amid ongoing hopes for a deal to end the US-Iran conflict and reopen the Strait of Hormuz, even as Tehran stated it had not yet decided whether to attend peace talks. With the two-week ceasefire nearing its end, the White House indicated Vice President JD Vance was prepared to return to Pakistan for negotiations. However, Iran accused Washington of violating the truce through its blockade of ports and seizure of a ship, leading to uncertainty regarding its participation. Crude prices initially plunged after Iran announced it would allow transit through the Strait of Hormuz, but rebounded when Iran closed the waterway again, citing the blockade. US President Donald Trump also accused Tehran of violating the ceasefire by harassing vessels in the Strait of Hormuz, a critical passage for global oil. Trump stated the blockade would remain until a deal was reached, claiming it was severely impacting Iran financially. He also expressed that Iran was expected at the talks in Pakistan and warned of renewed hostilities if the ceasefire expired. Iran's parliament speaker, Mohammad Bagher Ghalibaf, stated that Iran would not negotiate under threats and was preparing for new actions on the battlefield. Despite the rhetoric, investors remained optimistic about a potential deal to reopen the strategic strait, with US benchmark crude and Brent both rising. Equity markets saw gains, led by Seoul's Kospi, which hit a new record high, along with incr
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