Stocks slip, oil climbs as US-Iran truce expiration looms

Oil prices climb and stocks slide as uncertainty reigns over US-Iranian peace talks resuming and the expiration of the two-week ceasefire in the Middle East looms.

Investors had been hoping that, despite hostile rhetoric, there was scope for a deal to end the Middle East war and reopen the vital Strait of Hormuz to oil and gas shipments.

But Iran has not yet sent a delegation to neighboring Pakistan for a new round of peace talks with the United States, even as the two-week ceasefire is set to expire within hours.

A US delegation led by Vice President JD Vance is expected to leave shortly from Washington for Islamabad, which earlier this month hosted a first round of talks that ended without a deal. However, there is no confirmation of Vance’s departure.

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