Traders work on the floor of the New York Stock Exchange (NYSE) on April 23, 2026 in New York City, USA.
Gina Moon | Reuters
of S&P500 Oil prices were relatively unchanged on Monday as stalled Iran peace talks and renewed escalation in the Strait of Hormuz pushed oil prices higher, putting geopolitical tensions front and center heading into a crucial week.
Broad market indexes are trading near flat lines; Nasdaq Composite. of Dow Jones Industrial Average It fell 72 points (0.2%).
President Donald Trump on Saturday scrapped plans to send U.S. special envoys Steve Witkoff and Jared Kushner to Pakistan to negotiate an Iran-related ceasefire, noting that talks could be conducted by phone.
“Wasted time traveling and too much work!” the president said in a post on Truth Social. “No one knows who’s in charge, including them. And we have all the cards and they don’t have any! If they want to talk, all they have to do is call!!!”
Iranian Foreign Ministry Spokesman Esmail Bakaei said there are no plans for talks between Iran and the United States at this time.
Oil prices rose on Monday as the standoff between the US and Iran continued. West Texas Intermediate futures rose 2% to over $96 a barrel, while Brent crude oil futures, the international standard, rose 2% to over $108 a barrel.
Indeed, an Axios report said that Iran has suggested a postponement of nuclear talks while presenting new proposals to the US on reopening the Strait of Hormuz and ending the war.
“While this is a modest negative, we continue to believe that the conflict is still on track to subside,” Vital Knowledge’s Adam Crisafulli said in a note.
Investors are starting to look past the war, with markets reaching all-time highs last week, but the war is “still here,” said Gabriel Shahin of Falcon Wealth. That’s even as earnings season continues to unfold following a strong start.
“Oil prices will continue to be very important, because that’s the key driver,” the CEO and founder said, noting that stability should only come “if the Strait is more controlled.” He added: “That’s why I still think Iran is a top priority.”
However, depending on the trends in the quarterly results for that week, there is a possibility that “we may be able to maintain some level of calm for the next seven days.” This week is the busiest week of the press season, with five companies scheduled to release “The Magnificent Seven.”
