US indices close lower pressured by rising oil prices

US stocks declined at the end of March 24 session, shedding most of the gains recorded in the previous session, as the Iran war entered its fourth week. Investor sentiment remained unsettled amid mixed signals surrounding the progress of negotiations.

The Dow Jones Industrial Average inched down 0.18%, or 84 points, to finish at 46,124.

The broader S&P 500 fell 0.37%, or 24 points, to 6,556 points, while the Nasdaq Composite dropped 0.84%, or 184 points, to 21,761.

In Europe, the Stoxx Europe 600 index edged up 0.43% to 579 points, supported by gains in the oil and gas, telecommunications, and chemicals sectors.

Meanwhile, the UK’s FTSE 100 gained 0.72% to 9,965 points, France’s CAC 40 also increased 0.23% to 7,743 points, while Germany’s DAX remained unchanged at 22,636 points.

In Japan, the Nikkei 225 closed 1.45% higher at 52,252 points, after rising 2.30% earlier during the session. The broader Topix index climbed 2.10% to 3,559 points.

On oil, Brent crude futures for May delivery added 4.55%, or $4.55, to $104.49 a barrel at close.

Meanwhile, US WTI futures for May delivery rose 4.79%, or $4.22, to $92.35 a barrel.

As for gold, futures for April delivery remained stable at $4,409.30 an ounce at close.

What’s behind the market moves?

Iran’s denial of any ongoing talks with the United States unsettled investor expectations, leading to a continued sharp rise in oil prices, despite US President Donald Trump’s confirmation that his administration is currently engaging with “the right people” within Tehran.