Oil prices continue to drop, with the S&P 500 nearing its all-time high as optimism grows over a ceasefire between Israel and Iran. U.S. crude fell to $64.82 per barrel, while Brent crude decreased to $66.62. The market reacted positively to President Trump's announcement of a ceasefire, despite ongoing tensions. Fears regarding potential oil supply disruptions due to the conflict have eased, as Iran's recent retaliatory actions did not impact oil production. Analysts suggest that prices could decline further if the ceasefire holds and OPEC+ maintains increased output.
The fear throughout the Israel-Iran conflict has been that it could squeeze the world's supply of oil, which would pump up prices for gasoline and hurt the global economy.
Oil prices began falling sharply on Monday after Iran launched what appeared to be a limited retaliatory strike that did not target the production or movement of oil.
With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds.
The main measure of Wall Street's health is back within 1% of its record set in February after falling roughly 20% below during the spring.
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