{"id":15443,"date":"2026-06-16T13:01:48","date_gmt":"2026-06-16T13:01:48","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=15443"},"modified":"2026-06-16T13:01:48","modified_gmt":"2026-06-16T13:01:48","slug":"wall-street-inches-slightly-higher-oil-prices-fall-again-on-hopes-for-an-end-to-iran-war","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=15443","title":{"rendered":"Wall Street inches slightly higher, oil prices fall again on hopes for an end to Iran war"},"content":{"rendered":"
\n

By YURI KAGEYAMA and MATT OTT, AP Business Writers<\/strong><\/p>\n

U.S. markets leaned toward modest gains before the opening bell Tuesday and oil prices fell following the U.S. and Iran\u2019s announcement a day earlier that they had a reached a tentative deal to end their conflict.<\/p>\n

Read more Multiple arrests as FBI disrupts \u2018planned attacks\u2019 targeting White House UFC show, director says<\/a><\/p>\n

Futures for the S&P 500 and Dow Jones Industrial Average each edged 0.1% higher. Nasdaq futures were up 0.3%.<\/p>\n

Brent crude fell nearly 3% on expectations that the U.S.-Iran agreement might reopen the Strait of Hormuz, where much of Asia gets its oil supply. But some analysts have urged caution, noting many issues remain uncertain.<\/p>\n

Iran\u2019s top diplomat said Tuesday that the tentative deal to end the war would require Israel to withdraw from Lebanon \u2014 a condition Israel has already rejected and that could sink the agreement.<\/p>\n

The deal between the U.S. and Iran has not been made public and officials have sometimes offered contradictory interpretations of what is in it. While Israel is not party to the agreement, it is part of the war.<\/p>\n

Negotiations with Iran are expected to continue over the next 60 days. Even after Hormuz reopens on Friday as expected, it will likely take months for the energy industry to get back to full speed.<\/p>\n

Oil prices have declined recently on hopes for an extension of the ceasefire in the war, falling from the $100 plus levels they were at a few weeks ago. Before the war, oil was trading at about $70 a barrel.<\/p>\n

\n<\/div>\n

Early Tuesday, benchmark U.S. crude was down $2.35 at $78.40 a barrel. Brent crude, the international standard, declined $2.37 to $80.80 a barrel.<\/p>\n

In equities trading, the energy sector continued to limp as oil prices fell, but the declines were muted compared to Monday when oil lost nearly 5%. Airlines and other travel-related companies that use a lot fuel inched up modestly. Chip companies continued their rebound after swinging wildly the past few weeks.<\/p>\n

Read more SpaceX buys AI coding startup Cursor for $60 billion in race for an edge over Anthropic and OpenAI<\/a><\/p>\n

SpaceX was on track for a third straight gain since its Wall Street debut on Friday. SpaceX said Tuesday that it is moving forward with its $60 billion acquisition of artificial intelligence startup Cursor. Elon Musk\u2019s space exploration and AI company said in a regulatory filing that Cursor will become a wholly owned subsidiary when the deal closes in the third quarter.<\/p>\n

Robinhood Markets rose nearly 2% after the mobile stock trading platform announced in a regulatory filing that it was laying off about 10% of its workforce.<\/p>\n

\n<\/div>\n

Dave & Buster\u2019s tumbled more than 15% after the restaurant and family entertainment company badly missed Wall Street\u2019s first-quarter profit targets. The company, in the midst of a turnaround strategy, said that higher gas prices, geopolitical uncertainty and weakening consumer sentiment contributed to the headwinds in April.<\/p>\n

In Asia, Japan\u2019s benchmark Nikkei 225 briefly topped 70,000 for the first time Tuesday before trimming early gains after the Bank of Japan raised its key interest rate to 1%.<\/p>\n

The quarter percentage point hike took the benchmark rate to its highest level in three decades.<\/p>\n

Japan\u2019s Nikkei 225 rose 0.1% to finish at 69,404.50, while South Korea\u2019s Kospi moved further into record territory, gaining 2.1% to 8,726.60.<\/p>\n

In Hong Kong, the Hang Seng slipped 1.4% to 24,493.95, while the Shanghai Composite fell 0.1% to 4,091.89.<\/p>\n

Australia\u2019s S&P\/ASX 200 was little changed, rising less than 0.1% to 8,917.70.<\/p>\n

Taiwan\u2019s Taiex surged 0.9%, while India\u2019s Sensex picked up 0.7%.<\/p>\n

France\u2019s CAC 40 jumped 0.7% at midday, while the German DAX added 0.5% and Britain\u2019s FTSE 100 surged 0.6%.<\/p>\n

Read more Higher prices for gas, groceries and flights will likely outlast the Iran war<\/a><\/p>\n

Yuri Kageyama is on Threads: https:\/\/www.threads.com\/@yurikageyama<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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