dailyloe.com – The Dow Jones Industrial Average climbed 165 points on Monday as markets reacted to potential diplomatic developments in the Middle East. The S&P 500 and Nasdaq Composite also posted gains for a fourth consecutive session. This uptick coincided with volatile oil prices and reports of ceasefire discussions.
Axios reported that the U.S., Iran, and regional mediators were discussing terms for a potential 45-day ceasefire. Reuters also reported that a plan for an immediate ceasefire had been received by both nations. The framework, reportedly put together by Pakistan, could lead to a reopening of the Strait of Hormuz.
President Donald Trump reiterated his stance on Monday regarding the strategic strait. He stated the U.S. would destroy Iran’s power plants and bridges if it did not reopen the Strait by Tuesday evening. Trump also commented on taking Iran’s oil, saying ‘it’s there for the taking,’ but indicated a desire to bring troops home.
Oil prices experienced significant volatility at the start of the week. The U.S. West Texas Intermediate contract for May closed at $112.41 per barrel. International benchmark Brent crude settled at $109.77 per barrel.
The broad S&P 500 index added 0.44% to close at 6,611.83. The Nasdaq Composite gained 0.54% to end the session at 21,996.34. The Dow Jones Industrial Average’s 0.36% rise brought it to a settlement of 46,669.88.[]
Source: CNBC
