Oil prices edged higher and global stock markets cooled on Tuesday as investors wavered between optimism and despair over the stalled peace talks between the United States and Iran.
President Trump said on Monday that the cease-fire was “on massive life support” after rejecting the latest Iranian offer to end the war and reopen the Strait of Hormuz, the vital waterway through which nearly a fifth of the world’s crude oil is usually carried on cargo ships.
U.S. inflation data released later in the day will offer a gauge of how the war is affecting prices for Americans.