Oil Prices Rise on Uncertainty About US-Iran Ceasefire Talks

U.S. stocks and oil prices flip-flopped Tuesday as uncertainty rose about what will happen following a ceasefire in the war with Iran, which had been set to expire Wednesday. 

The S&P 500 erased an early rise to fall 0.6% after U.S. Vice President JD Vance called off a trip to Pakistan, where he was expected to lead U.S. negotiators in talks with Iran to extend the ceasefire.

The Dow Jones Industrial Average dropped 293 points, or 0.6%, after erasing



an earlier gain of 400 points, while the Nasdaq composite slipped 0.6%. 

Less than 10 minutes after the U.S. stock market finished trading for the day President Donald Trump said he would extend the ceasefire to give Iran time to submit a proposal to end the war. 

Oil prices also wavered before Trump announced the extension, and the price for a barrel of Brent crude went from less than $95 to roughly $100 during the day. It settled at $98.48, up 3.1%.