US‑Iran Talks Reach Technical Phase, Sparking Stock Gains and Oil Decline

Talks between the United States and Iran have entered a more detailed "technical stage," according to an Al Jazeera report relayed by CBS, and markets moved quickly on the news: stocks rose, oil slid and gold climbed . The S&P 500 rose on the reports, and technical experts reportedly joined the New York negotiations after a first meeting involving US envoys Witkoff and Kushner .

The substance on the table is the Strait of Hormuz. Negotiators are exploring a phased path in which Tehran reopens the strait and Washington lifts its economic blockade of Iran, Reuters reported. Iran's proposed seven-day plan to reopen Hormuz if the US ends its blockade is reportedly being discussed as an accelerated version of a previously discussed 60-day process . Before the war, about 20% of the world's oil supplies moved through the strait.

Oil took the clearest signal. U.S. benchmark WTI crude fell $2.86, or 3.0%, to $91.75 by early afternoon New York time, leaving it down about 9% for the week, while Brent was down about 1% on the week. Traders were not all-in on a truce, though: Reuters noted concern that increasing Houthi attacks against Saudi Arabia could disrupt supply from the region.

The market is pricing progress, not a deal. What to watch is whether the technical track produces a concrete Hormuz arrangement and timetable, and whether the Houthi attacks on Saudi Arabia escalate, which could reverse the oil decline independently of the talks.