Jake Conley, Breaking Business News Reporter
Tue, March 31, 2026
Oil prices plunged on Tuesday afternoon on signals that Iranian leadership may be open to negotiations to end the war — the first such move from the regime since the start of the conflict.
In comments first reported by state media, Iranian President Masoud Pezeshkian told EU Council president António Costa that Iran has "the necessary will to end this war" but expects certain guarantees in exchange.
Pezeshkian also said on Monday that any end to the war in the Middle East must "guarantee the security and interests of the Iranian people," according to comments first published by the state news agency IRNA and reported by regional media.
Futures on Brent crude (BZ=F), the international benchmark, fell by more than 2.9% to trade at $104 per barrel, while those on US benchmark West Texas Intermediate crude (CL=F) shed as much as 2% before paring some losses to trade at $101 per barrel.
US stocks turned sharply north. The S&P 500 (^GSPC) gained roughly 2.4%, while the Dow Jones Industrial Average (^DJI) picked up 2% on the session, or more than 900 points. The tech-exposed Nasdaq Composite (^IXIC) saw the strongest gain, returning 3.2% as of Tuesday afternoon.
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