Oil Prices Plunge as Middle East Tensions Ease, Stocks Mixed

Wall Street stocks opened higher on Monday as tensions in the Middle East eased following a pause in attacks between the US and Iran. The S&P 500 rose less than 0.1%, while the Dow Jones Industrial Average gained 0.5%. However, the Nasdaq composite fell 0.2%, its fourth straight loss.

The drop in oil prices played a significant role in the market's performance. Brent crude, the international standard, decreased by 6.3% to settle at $85.87 a barrel for October delivery. US crude oil for September delivery dropped 7.5% to $82.61 a barrel.

The war between the US and Iran had disrupted traffic through the Strait of Hormuz, leading to higher gasoline prices and increased shipping costs. The easing of tensions has provided some relief to markets in Europe and Asia, which also closed higher on Monday.