Wall Street mixed, oil prices jump as Trump calls Iran’s response to peace deal ‘unacceptable’

U.S. stock futures traded near all-time highs Monday, with the S&P 500 unchanged, the Dow Jones Industrial Average down 0.1%, and Nasdaq up 0.1%. Oil prices jumped over 2% after Donald Trump dismissed Iran’s response to a U.S. peace proposal as 'TOTALLY UNACCEPTABLE' in a social media post. Brent crude climbed $2.71 to $104 per barrel, while U.S. crude rose $2.55 to $98, reflecting heightened concerns over supply disruptions in the Strait of Hormuz and a U.S. blockade of Iranian ports. European markets saw modest declines, with Britain’s FTSE 100 unchanged, Germany’s DAX down 0.2%, and France’s CAC 40 losing 1.1%. Asia’s performance varied sharply: Japan’s Nikkei 225 fell 0.5% after briefly hitting a record high, while South Korea’s Kospi surged 4.3% to an all-time high, driven by tech stocks like Samsung Electronics and SK Hynix. Hong Kong’s Hang Seng edged up slightly, and China’s Shanghai Composite rose 1.1% amid strong factory price data and export figures. Analysts at ING noted that while China could theoretically influence Iran toward a peace deal, progress remains uncertain. The oil market’s volatility is heavily tied to geopolitical headlines, they added. Upcoming U.S. economic data—including April existing home sales, consumer inflation, and retail sales—will further shape market sentiment. Global markets also reacted to a high-stakes Trump-Xi summit, with Iran’s conflict likely to feature prominently. China’s economic ties to Iran and U.S. pressure on Beijing to ease tensions in the Strait of Hormuz add complexity to the discussions. Meanwhile, tech-driven gains in South Korea and Japan offset some geopolitical risks, though SoftBank Group’s 6% drop highlighted sector-specific vulnerabilities. Australia’s S&P/ASX 200 declined 0.5%, while Taiwan’s Taiex rose 0.5% and India’s Sensex fell 1.7%. The mixed performance underscores how energy prices, inflation data, and geopolitical developments continue to dominate investor focus as corporate earnings season concludes.