Oil prices plunge on US-Iran hopes, stocks end mixed
Oil prices tumbled more than seven percent on Monday, the eve of crucial midterm elections in the United States, as signals that Tehran and Washington were renewing dialogue boosted hopes of ending the Middle East war. Iran on Monday said "intensive" exchanges were underway with Washington and offered to reopen the Strait of Hormuz under strict conditions, as efforts escalated to avert a return to conflict. Earlier, the Axios news outlet reported that US Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks. That was the highest-level move from US President Donald Trump's administration in months. Again Capital's John Kilduff described investors as experiencing "a violent change in market sentiment," adding that "we went from really, I think, expecting a major offensive after tomorrow's US elections to a potential breakthrough," he said. "All these losses will be taken right back if this doesn't pan out," Kilduff said. The steep drop in oil prices translated into weakness among petroleum stocks. But Wall Street shares otherwise began the day with promise, bouncing back after last Friday's rout precipitated by worries over the tech industry's massive artificial intelligence spending. But tech shares came under pressure as the session progressed, with...
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