Dow Rises 300 Points as Oil Retreats on Truce Hopes
U.S. stocks closed higher Monday, as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation.
Crude prices settled down more than 1% on hopes a truce was on the horizon between Israel and Iran after days of missile strikes, as Iran called on U.S. President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory."
Oil prices had surged more than 7% on Friday after Israel began bombing Iran. Tehran has asked Qatar, Saudi Arabia and Oman to press Trump to use his influence with Israel to agree to an immediate ceasefire, in return for Iran's flexibility in nuclear negotiations, sources told Reuters.