Oil Prices Fall As U.S., Iran May End 'Game Of Chicken'; S&P 500 Rises

Oil prices fell back below $90 a barrel on Thursday morning on a report that U.S. and Iranian negotiators had agreed on a framework for a 60-day ceasefire extension after renewed Persian Gulf attacks had threatened the fragile truce. Axios said that President Donald Trump had not yet given his approval, but the S&P 500 climbed, aiming to extend its six-session winning streak. As hopes rise that a resolution of the U.S.-Iran stalemate will reopen the Strait of Hormuz, the clock is ticking to some near-term bad scenarios for both Iran and the global economy.