Overview
- Stocks fell Thursday following Wednesday’s rally, as crude climbed back above $100 a barrel and Iran ruled out direct talks even while reviewing a U.S. plan.
- Washington delivered a 15-point ceasefire proposal to Tehran through Pakistan, and senior officials in Islamabad say they passed the plan to Iranian counterparts.
- Iran’s foreign minister, Abbas Araghchi, said Tehran is not negotiating with the United States, with state media noting officials are assessing proposals rather than holding talks.
- Shipping through the Strait of Hormuz remains disrupted, leaving tankers queued outside the passage that carries about one-fifth of global oil and LNG, which has helped push Brent above $107 at points.
- The energy shock has led traders to largely rule out Federal Reserve rate cuts this year, according to CME’s FedWatch, adding pressure to stocks that are sensitive to higher borrowing costs.