Equity markets stabilized and crude oil gave up part of its early surge as President Donald Trump raised pressure on nations to help reopen the Strait of Hormuz and said the US was talking to Iran.
Contracts for the S&P 500 Index advanced 0.6% — set to end four days of losses for the underlying gauge — as Trump commented on the talks, although Iran said it hadn’t asked for negotiations or a ceasefire.
The MSCI All Country World Index — the broadest measure of global equities — was little changed, following three days of declines. Asian shares edged up 0.1%. European equities were also set to gain at the open.
Also helping the mood was a decline in the dollar, with Bloomberg’s gauge of the greenback falling 0.2%. The currency, which emerged as the haven of choice during the Middle East conflict, weakened against almost all its major peers.
Brent traded around $104 a barrel after earlier climbing as high as $106.50 following US strikes on military targets on Kharg Island, the terminal that handles almost all of Iran’s oil exports. West Texas Intermediate traded below $99 a barrel.
