finance
U.S. Stock Indexes Rise as Oil Prices Fall on Hopes of U.S.-Iran Deal
U.S. stock indexes reached new highs and oil prices declined after reports of a possible agreement between the United States and Iran. Markets responded to speculation that a deal could reopen the Strait of Hormuz and ease supply concerns.
May 27, 5:14 PM·1m read1 source
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U.S. stock indexes moved higher and oil prices fell on Wednesday after reports suggested a possible agreement between the United States and Iran. The S&P 500 rose 0.1 percent to an all-time high, while the Dow Jones Industrial Average gained 243 points.
Oil prices declined after Iran's state broadcaster reported a preliminary document outlining a framework for a potential deal. U.S. crude fell 5.5 percent to settle at $88.68 per barrel, and Brent crude dropped below $100.
The White House dismissed the broadcaster's report as a complete fabrication. Markets continued to trade higher despite the statement. President Donald Trump said during a cabinet meeting that U.S. officials were not yet satisfied with the agreement but added that progress was being made.
Unresolved issues include the status of Iran's highly enriched uranium, its nuclear infrastructure, ballistic missiles, and support for armed groups. It is also unclear whether any agreement would address hostilities in Lebanon or include the lifting of U.S. sanctions on Iran.
