Oil Prices Rally Amid US-Iran Talks, Fed Rate Hikes Loom

Markets focused on Federal Reserve interest rates and potential deal between the U.S. and Iran to reopen the Strait of Hormuz.

Oil prices rallied 5% as Brent crude futures settled up $4.17 at $87.72 a barrel, while U.S. West Texas Intermediate crude futures closed up $3.95 at $83.67 per barrel.

The Dow Jones Industrial Average fell 0.11% to 53,975.98, the S&P 500 edged down 0.06% to 7,753.11 and the Nasdaq Composite lost 0.32% to 26,605.36.