Stocks dip and dollar gains as US-Iran talks stall
Equity markets eased and the dollar strengthened after President Trump rejected Iran's latest peace proposal, leaving the Strait of Hormuz closed. Brent crude rose to $103.75 per barrel as the conflict entered its eleventh week, while investors weighed strong earnings against rising energy costs.
United States and Iran hit a diplomatic stalemate Monday morning, pushing Brent Crude Oil prices up 4.6% overnight. Oil prices are now 45% higher than before Israel and the U.S. began strikes on February 28. The closure of the Strait of Hormuz chokes 20% of global oil shipments, threatening to derail the global recovery.
Brent crude rose to $103.75 a barrel after President Donald Trump rejected Tehran's peace proposal on Sunday. The STOXX 600 eased 0.2% while U.S. stock futures traded 0.1% lower. IG chief market strategist Chris Beauchamp said markets are learning to live with high crude prices for now.
