NEW YORK (AP) — U.S. stocks fell from their records Thursday after oil prices yo-yoed as Wall Street waits to see whether its hopes for a deal to end the Iran war are warranted or just wishful.
The price for a barrel of Brent crude oil settled at $100.06, down 1.2%, and continued its decline from more than $115 early this week. But it swung sharply before getting there, as Iran said it was reviewing the latest U.S. proposals on ending their war.
The hope is that an end to the war will reopen the Strait of Hormuz and allow oil tankers trapped in the Persian Gulf to deliver crude again to customers. Oil and gasoline are still much more expensive than they were before the war began because of the strait’s closure.
Brent’s price briefly fell near $96 per barrel Thursday after a spokesperson for Pakistan’s Foreign Ministry said, “We expect an agreement sooner rather than later.” Pakistan has been mediating talks between the United States and Iran. But Brent later erased much of that drop and briefly topped $102, which in turn sent stocks lower on Wall Street.
The S&P 500 fell 0.4% from its all-time high set the day before. The Dow Jones Industrial Average dropped 313 points, or 0.6%, and the Nasdaq composite slipped 0.1% from its own record.
