Stocks fall, oil rises and bond yields surge as geopolitics keeps markets on edge

Stocks fell on Monday alongside jumps in both bond yields and the price of oil as geopolitical upheaval remained front and center for traders.

The S&P 500 fell 0.5% and the Nasdaq Composite dropped 0.6% as oil prices staged a 3% rally, pushing Brent crude oil to nearly $108 per barrel.

The level would be the highest for Brent, the European benchmark, since Sept. 15. U.S. crude oil also rose to almost $96.

Oil’s renewed rise was briefly halted earlier Monday after reports said that mediators planned to meet with U.S. and Iranian officials separately to discuss the ongoing stalemate between the two sides over the war with Iran. Iran’s semi-official ISNA news agency downplayed the significance of the meetings, saying that Iran’s foreign minister, Abbas Araghchi, would attend talks with mediators, but said no U.S. representatives would be present.

Over the weekend, President Donald Trump said he had rejected a recent proposal from Iran to reopen the Strait of Hormuz, through which critical energy supplies flowed before the war.

“They want to make a deal, and I think that’s fine,” Trump told reporters in Washington. “I like making a deal too, but … that deal would not be acceptable.”

Original source: https://www.nbcnews.com/business