Global financial markets remained largely unfazed on Tuesday amid circulating reports of a potential ceasefire between the United States and Iran. According to reports from Russia’s RIA Novosti citing unnamed sources from Pakistan and Iran, the two nations have allegedly agreed to a ceasefire that would involve free navigation in the Strait of Hormuz. Official representatives from Washington and Tehran have not yet commented on the reports, though announcements are reportedly anticipated this week.
The ongoing military conflict, which began on February 28, 2026, has impacted the global economy for 178 days, causing crude oil prices to rise due to disruptions in the Strait of Hormuz, a critical shipping route for roughly 20% of the world's petroleum consumption. Recently, Iran and Oman discussed mine-free shipping efforts, while U.S. President Donald Trump stated via social media that the U.S. Navy had cleared mines from international waters in the strait.
Following the news reports, Brent crude slid to $85.95 and West Texas Intermediate (WTI) crude dropped to $81.64. Meanwhile, U.S. equities closed Tuesday's session in positive territory. The Nasdaq Composite rose to 26,151.30, the Dow Jones Industrial Average reached 53,577.40, the S&P 500 climbed to 7,677.28, and the NYSE Composite finished at 24,768.65.
Precious metals recorded modest advances, with gold holding at $4,665 per ounce and silver trading at $68.93 per ounce. Bitcoin's price fluctuated between $78,750 and $79,500 during the trading session, reflecting a slight decline of about 0.4% by the close of Wall Street while maintaining a weekly gain. The asset's market capitalization stood at $1.583 trillion, representing roughly 58% of the broader $2.73 trillion crypto economy.
