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Global stocks rise as Middle East mediation cools oil prices

Brent eased 0.6% to $88.72 a barrel after hitting a one-month high of $91.42, while investors turned to upcoming earnings from Alphabet and Intel to gauge the AI trade.

Reported · Written up by our desk · Trade & Tariffs

Global stocks climbed on Tuesday as oil prices pulled back from a one-month high amid mediation efforts in the Middle East, even as investors weighed the risk of further supply disruptions. Yemen's Houthis, which are aligned with Iran, said they would impose a naval blockade on Saudi Arabia, and Reuters also noted increased attacks between the U.S. and Iran alongside efforts to revive a fragile ceasefire.

Oil retreated after a senior Iranian official told Reuters that Tehran received a mediator proposal for a 10-day ceasefire, aimed at paving the way for a longer agreement to end the war that began Feb. 28. Brent crude futures fell 0.6% to $88.72 a barrel on Tuesday, after rising to $91.42 a barrel the prior session.

In equities, Europe's STOXX 600 rose 0.2%, while futures tied to the Nasdaq gained 1.4%, signaling a bounce for Wall Street later in the day. In Asia, Japan's Nikkei ended up 3% and South Korea's KOSPI rose 4.5% in overnight trading.

Trade and policy were also in focus after President Donald Trump imposed 50% tariffs on Canadian imports worth about $20 billion, citing discriminatory treatment of American-made items. Reuters said USMCA negotiations are underway but the United States has excluded Canada, and market moves in Canada, including the Canadian dollar and benchmark bonds, were muted as Toronto futures ticked up 0.3%.

Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|Nasdaq Comp. 25,881.95 ▼1.5%

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