US stocks decline as oil prices surge amid ongoing Iran conflict
US stocks have declined due to surging oil prices amid ongoing conflict between the US and Iran. The conflict has led to increased geopolitical risk, with oil prices rising around 2% and energy markets remaining volatile.
Oil prices have surged around 2% due to conflicting US-Iran signals on a potential ceasefire. The US proposed a 15-point truce, but Iran rejected it and set its own conditions. US Vice President JD Vance may travel to Pakistan for Iran talks. US oil inventories have continued to build, with crude stocks rising by 6.9m barrels last week. European gas prices remain elevated due to the conflict. Saudi Aramco will supply crude to China and India, but at a higher cost due to disruptions in the Strait of Hormuz.
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