Finance

Major U.S. benchmarks experienced a choppy session, initially suffering deep losses before buying interest emerged late in the day. The Dow Jones Industrial Average shed 0.3%, while the S&P 500 closed virtually unchanged. Tech stocks cushioned the market, allowing the Nasdaq Composite to scrape out a minor gain.

Oil prices jumped roughly 3% to settle at a one-week high, with Brent futures reaching $106.60 a barrel and WTI crude finishing at $94.61. Prices were propelled by supply concerns following a Houthi missile strike on Saudi Arabia. However, the energy market pared its daily highs following reports that U.S. and Iranian officials are deliberating a phased plan to reopen the critical Strait of Hormuz.

As leaders from both nations convene, U.S. officials announced that the ongoing bilateral trade truce with China will be prolonged until mid-January. This decision prevents a round of steeper import duties that were slated to take effect in November. The strategic delay injects temporary predictability into multinational corporate planning.