US-Iran Ceasefire Talks Stabilize Oil Prices Amid Ongoing Violations

Oil prices remained stable as U.S. and Iran ceasefire talks proceeded, with the April 15 market surging from 18% to 100%.

Both sides continued to accuse each other of violations and the truce's scope remained disputed.

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Stocks wavered on Wall Street and oil prices held steady amid a shaky ceasefire agreement.

Brent crude oil rose 1% to $96.88, while U.S. crude oil prices rose 0.5% to $98.35 per barrel.

The market was still prone to big swings on developments around the war.

The conflict contributed to surging inflation in the U.S. in March.

Consumer sentiment slumped 10.7% in April.

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Year-ahead inflation expectations surged to 4.8% from 3.8% in March.

The Federal Reserve remained cautious amid worries about inflation reheating.

The Fed's favorite inflation gauge was already at 3% before the war.

Shipping through the Strait of Hormuz remained largely halted despite the ceasefire.

Tehran published maps guiding ships to avoid mines and designated safe routes.

Attacks on Saudi energy facilities reduced output by about 600,000 barrels per day.

Oil would remain meaningfully above pre-war levels until shipping normalized.

The conflict had effectively closed this vital artery since February 28.

European shares rose and Asian stock markets traded higher.

The Euro Stoxx rose 0.7%, while the DAX and CAC 40 were up more than 0.5% each.

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The Nikkei 225 gained 1.6%, and the Kospi rose 1.8%.

The S&P/TSX Composite rose 0.5%.

Gold prices remained broadly steady.