Oil Prices and Stock Markets Fluctuate on Signs of U.S.-Iran Cease-Fire Extension

Oil prices and stock markets traded warily on Friday on tentative signs that the United States and Iran were nearing a preliminary agreement to end the war. Negotiators were discussing a new memorandum of understanding that appeared close to winning approval from both sides, although disagreements remained over several key provisions.

One major hurdle was the status of the Strait of Hormuz, a critical trading route for oil and gas tankers from the Middle East.

The price of Brent crude, the global benchmark for oil, wavered between small gains and declines, trading between $92 and $93 a barrel for August delivery. West Texas Intermediate crude, the U.S. benchmark, was down slightly to just under $89 a barrel for July delivery. Futures on the S&P 500 pointed to a modest increase when stocks resume trading in the United States on Friday.

The index has set fresh record highs in recent days and is on track for its ninth consecutive weekly gain. Stocks in Asia, where countries import vast quantities of oil and gas, were mostly higher. South Korea’s benchmark KOSPI jumped 3.5 percent, while stock markets in Japan and Taiwan rose more than 2 percent.

In Europe, the Stoxx 600, a broad index that tracks the region’s largest companies, edged higher.

Gas prices fell again on Friday, sliding four cents to a national average of $4.39 a gallon, according to the AAA motor club. The increase has raised the cost for drivers by 47 percent since the war began. The average price of diesel fell to $5.52 on Friday, up 47 percent since the start of the war.