Trader Robert Arciero works on the floor of the New York Stock Exchange, Friday, May 22, 2026. (Photo: AP/Richard Drew)
28 May 2026 05:17AM
NEW YORK: Oil prices fell Wednesday (May 27) while global stocks mostly rose as markets parsed the latest posturing between Washington and Tehran over a peace accord.Hopes of an imminent deal to avoid further hostilities in the Mideast war and reopen the Strait of Hormuz pressured oil prices, which fell more than five per cent.Iran's Revolutionary Guards said that a return to war with the United States was unlikely, but warned the Islamic republic stood ready to respond to any attack.US President Donald Trump, meanwhile, said in a cabinet meeting at the White House that he was in no rush to reach a deal, despite saying at the weekend that one was close."Iran is very much intent, they want very much to make a deal. So far they haven't gotten there. We're not satisfied with it, but we will be," he said."Either that or we'll have to just finish the job."All three major US indices posted modest gains good enough to yield fresh records.Investors appeared willing to look past the conflicting headlines on Iran, buoyed also by another surge for tech stocks on expectations the AI rollout will continue to propel earnings in the sector.
