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Oil prices rose around $98 a barrel, up nearly 5%, while US equities extended gains to record highs for a second consecutive session. At the close of trading on April 16, Brent crude increased to $99.40 a barrel, while US WTI climbed 3.7% to $94.70. In the April 17 session, prices for both grades eased slightly to $98 and $93, respectively.
Investors remained skeptical that upcoming US-Iran peace talks would quickly resolve energy-supply disruptions in the Middle East. The conflict is squeezing about 20% of global oil and liquefied petroleum gas supply that passes through the Hormuz Strait each day.
John Evans, an oil market analyst at PVM, said: “We still doubt the conflict can be resolved immediately. Any news will be followed by mixed signals.”
Reuters, citing sources close to Iran, reported that US and Iranian negotiators had scaled back expectations for a comprehensive peace agreement. Instead, they are seeking a memorandum of understanding to prevent a relapse into conflict. After that report, President Donald Trump said the United States was very close to a deal with Iran.
Oil prices barely moved after Trump’s comments, alongside his announcement that Israel and Lebanon had agreed to a 10-day ceasefire. On the US stock market, indices reached record highs for a second consecutive session.
At the close on April 16, the S&P 500 rose 0.26% to 7,041 points, and the Nasdaq Composite added 0.36% to 24,102, marking the 12th straight advance. The DJIA rose 0.2% to above 48,500 points.
From the start of the week, the S&P 500 was up 3.3% and the Nasdaq up 5.2%, while the DJIA gained 1%.
US stocks rose after Trump announced the Israel-Lebanon ceasefire of 10 days. An Iranian parliament spokesman said Israel’s halt to attacks on Lebanon was an important condition to start talks between the US and Iran.
Trump said the next round of direct talks between Washington and Tehran could take place “late next week.”
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