Oil crept higher and a cautious premarket stock recovery collapsed as nervous traders doubted the likelihood of a near-term resolution to the Middle East conflict.
Crude oil futures turn higher as war risk supports prices. Tight supply and falling inventory strengthen the oil outlook despite brief easing headlines
Oil fell in early trade after President Trump said he's pausing attacks on Iran's energy sector for another 10 days as per Iran's request.
Disruptions in the flow of oil through the Strait of Hormuz over the past four weeks will unleash a “sequential” shock to global supplies that'll run from east to west with much of the world taking a hit by April, according to strategists at J.P. Morgan.
Dan Greenhaus, managing director and chief strategist at Solus Alternative Asset Management, joins 'Squawk on the Street' to discuss the Iran war, the state of private credit, and more.
Iran allowed a total of 10 oil tankers to pass through the Strait of Hormuz this week as a "present" to the United States, President Donald Trump said. Iran made the gesture to show the U.S. "the fact that we're real and solid and we're there," Trump said during a Cabinet meeting.
U.S. stocks were heading lower on Thursday, as uncertainty surrounding when the fighting in the Middle East might ultimately end was still hanging over the market.
Trump expressed confidence in the war effort and said the economic damage will reverse.
Stocks faltered as Brent crude oil hovered around $100 a barrel and traders looked for concrete signals that the Middle East conflict was nearing an end.
The oil market is in backwardation: a phenomenon where futures with near-term deliveries are marketed at a premium over longer-dated contracts. Market watchers spoke to CNBC about what the backwardation says about investors' views on the Iran war, with some warning investors may be underpricing risks.
Oil prices rose after Iran signaled it had no intention of holding direct talks with the United States. Trump said Tuesday the U.S. and Iran are "in negotiations right now" and suggested Tehran is eager to make a deal.
JGBs were mixed in price terms as recent signals that Iran could be open to negotiations with the U.S., together with speculation of a one-month cease-fire, offer some hope, ING said.