Oil prices rise with eyes on Iran, UAE; AI concerns weigh on stocks
Oil prices rose on Tuesday as investors assessed the Iran conflict and the UAE's decision to cut ties with OPEC, while concerns about the AI boom weighed on equity markets. U.S. crude rose 3.68% to $99.92 a barrel and Brent rose to $111.13 per barrel, up 2.68% on the day.
Oil prices rose on Tuesday as investors assessed the stalemate in the Iran conflict and the UAE's decision to quit OPEC and OPEC+. U.S. President Donald Trump is unhappy with the latest Iranian proposal, dampening hopes for resolution. The UAE's move dealt a blow to oil-exporting groups and their leader, Saudi Arabia. U.S. crude rose to $99.92 a barrel and Brent rose to $111.13 per barrel. Concerns about the AI boom weighed on equity markets, with the Nasdaq Composite underperforming other U.S. indexes. Tech stocks linked to AI, such as Oracle and CoreWeave, dropped more than 3% each.
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