New York, May 13 (SANA) U.S. stocks fell on Wednesday as oil prices fluctuated sharply amid uncertainty over efforts to secure a ceasefire in the Middle East conflict and ease disruptions to shipping through the Strait of Hormuz, a key global oil transit route.
Brent crude settled down 1.2% at $100.06 per barrel after swinging between gains and losses during the session. Prices had risen above $115 earlier this week following supply concerns linked to the conflict.
Market sentiment shifted after Pakistani officials involved in mediation efforts between Washington and Tehran said progress toward an agreement could come “sooner rather than later.” Iran later said it was reviewing the latest U.S. proposals.
Hopes for a ceasefire and reduced risks to shipping through the Strait of Hormuz eased some pressure on global energy markets, although oil and gasoline prices remain elevated compared with levels before the conflict.
The S&P 500 fell 0.4% from a record high reached a day earlier, while the Dow Jones Industrial Average dropped 313 points, or 0.6%. The Nasdaq Composite slipped 0.1%.
Analysts said investor sentiment remained volatile as markets reacted to shifting developments surrounding the conflict and concerns over global energy supplies.
Precious metals markets showed mixed performance on Wednesday. Gold futures rose 0.8% to $4,722.30 per ounce after declining in the previous session, while silver futures climbed 2% to $87.32 per ounce, their highest opening level since March 11.
Market analysts said gold prices remained under pressure from expectations that interest rates could stay elevated for longer following recent inflation data. Higher interest rates typically reduce the appeal of non-yielding assets such as gold.
Silver, however, continued to rally on strong industrial demand, particularly linked to growing investment in artificial intelligence infrastructure and manufacturing, according to analysts cited by Yahoo Finance.
Silver prices have risen more than 160% over the past year, while gold has gained more than 46% during the same period.
M.F / ABD
