Crude futures surge on Tuesday amid Middle East tensions, Hormuz blockage

Crude oil prices surged on Tuesday amid the prolonged tensions in the Middle East and the blockade of the Strait of Hormuz.

Brent crude oil price briefly hit the threshold of 100 dollars per barrel during the trading session, marking its highest intraday level since April 13.

At the close of Tuesday's trading sessions, West Texas Intermediate crude for June delivery surged 2.51 percent to settle at 91.86 U.S. dollars per barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 3.14 percent to settle at 98.48 dollars per barrel on the London ICE Futures Exchange.

U.S. President Donald Trump said on Tuesday that he will extend the two-week ceasefire with Iran that was set to expire on Wednesday night (midnight GMT Tuesday).

"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of [Pakistan's Army Chief] Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump wrote on Truth Social.

The U.S. president said he will "extend the ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other."

The U.S. military will continue the blockade against Iran and "remain ready and able," according to Trump.

In response, Mehdi Mohammadi, an advisor to Iran's parliament speaker Mohammad Bagher Ghalibaf, said the U.S. blockade must be met with a military response, dismissing Trump's ceasefire extension announcement as "meaningless".

"Extending the ceasefire by Trump has no meaning. The losing side cannot dictate terms. Continuing the blockade is no different from bombing and must be met with a military response. Moreover, any extension of the ceasefire by Trump is certainly a way to buy time for a surprise attack. Now is the time for Iran to take the initiative," Mohammadi posted on X.

Crude futures surge on Tuesday amid Middle East tensions, Hormuz blockage

U.S. stocks ended lower on Tuesday as lingering uncertainty over the second round of peace talks between the United States and Iran stoke investors' concerns over rising tensions in the Middle East.

The process of the expected second round of peace talks between the United States and Iran seems stalled as Iran reportedly decided not to take part, accusing the United States of violating the ceasefire. Meanwhile, U.S. President Donald Trump announced to extend the ceasefire on some conditions.

At the close of Tuesday's trading session, the Dow Jones Industrial Average fell by 293.18 points, or 0.59 percent, to 49,149.38. The S and P 500 sank 45.13 points, or 0.63 percent, to 7,064.01. The Nasdaq Composite Index shed 144.429 points, or 0.59 percent, to 24,259.964.

Ten of the 11 primary S and P 500 sectors ended in red, with real estate and utilities leading the laggards by going down 1.94 percent and 1.75 percent, respectively. Meanwhile, energy bucked the trend by adding 1.31 percent.

Following Apple's leadership reshuffle announcement, the company's shares fell 2.52 percent on Tuesday, leading the declines among the "Magnificent Seven" technology giants.

Apple said Monday that CEO Tim Cook will become executive chairman of the company's board of directors, while John Ternus, Apple's senior vice president of hardware engineering, will become the company's next CEO effective Sept 1, 2026.

US stocks end lower amid uncertain 2nd round of peace talks with Iran