Oil prices fall back to US$80 per barrel, while U.S. stocks drift

Oil prices fell back to US$80 per barrel on Tuesday, the lowest since early March, as optimism grew over a tentative U.S.-Iran deal to reopen the Strait of Hormuz by week’s end. The agreement could restore global oil flows, though nuclear program negotiations remain unresolved. Brent crude prices dipped 3.2% to $80.50, recovering from a recent peak above $100 but still facing months-long industry adjustments. U.S. stocks showed modest gains, with the S&P 500 rising 0.1% and the Dow Jones climbing 0.8% to 395 points. The Nasdaq remained nearly flat amid AI-driven volatility, as Seagate Technology surged 5% while Nvidia slipped 1.5%. SpaceX jumped 9.1% after announcing a $60 billion acquisition of AI coding tool Cursor, marking its third straight gain since its public debut. Corporate moves included Yum Brands’ 4.1% rise after selling Pizza Hut for $2.7 billion, with most locations going to LongRange Capital and China’s restaurants to Yum China Holdings. Robinhood Markets added 0.8% following a 10% workforce reduction. Meanwhile, Dave & Buster’s Entertainment fell 2.5% after reporting weaker-than-expected quarterly profits. Abroad, European indexes rose after Asia’s mixed performance, while Tokyo’s Nikkei 225 briefly hit 70,000 before closing 0.1% higher. The Bank of Japan raised its benchmark rate to 1%, its highest in three decades, mirroring the European Central Bank’s recent move. The Federal Reserve began its interest rate meeting, with expectations of no change despite President Donald Trump’s calls for reductions to stimulate the economy. In bonds, the 10-year Treasury yield eased slightly to 4.45% from 4.47% late Monday. The Fed’s decision, announced Wednesday, will mark its first under new Chair Kevin Warsh, nominated by Trump.