Oil dips and stocks split on fragile hope in US-Iran talks
Elevated energy prices are directly affecting inflation and household purchasing power. The war in the Middle East, which disrupted global energy supplies, has pushed US consumer prices to their highest increase in nearly four years. Traffic through the Strait of Hormuz — a chokepoint for one-fifth of global oil and gas — remains at a fraction of pre-war levels, with most ships still linked to Iran. The US and Iran agreed to a cease-fire ending the six-week conflict, the worst energy-supply disruption in history, but markets remain on edge. Oil prices remain high despite a Friday dip: US crude settled at $96.57 a barrel, down $1.30, while Brent finished at $95.20. The slight retreat in oil followed scheduled peace talks, but the underlying cost pressure persists. US crude oil futures dipped $1.30 to $96.57 a barrel on Friday as markets reacted to scheduled US-Iran peace talks.
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