U.S. Stocks, Oil, and Metals Trade Volatile as Investors Discount Trump's Unverifiable Iran Negotiation Claims

Barry Adams
24 Mar, 2026
New York City

Wall Street indexes traded down following sharp gains in Monday's trading, and crude oil prices resumed their advance. 

The S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.4% amid renewed skepticism about the situation in the Middle East. 

Over the weekend, the U.S. president claimed that Iran's "top person" is negotiating with the U.S., and both sides are inching closer to an "agreement."

However, Iran's leaders denied the existence of such talks and asserted that Trump is looking for a way to buy time to prepare for a ground invasion.

Brent crude oil jumped 1.7% to $101.67 a barrel and West Texas Intermediate advanced 2.8% to $90.54 a barrel  as investors overlooked Trump's claims of a possible resumption of energy product shipments through the Strait of Hormuz.

Donald Trump has a history of making unverifiable claims and walking back from initial bombastic assertions. Increasingly, international markets are ignoring Trump's claims and shifting their focus on actions in the Middle East. 

Metals, commodities, and energy markets overlooked Trump's misleading comments, and crude oil prices rose and precious metals declined amid worries of major central banks lifting rates.

The spot gold price rebounded to a gain of 1% and erased losses of 4% earlier in the session in London and Shanghai, as investors discount Trump's claims about negotiations with Iran and plans to reopen the Strait of Hormuz. 

The price of gold edged up 0.5% to $4,453 an ounce, about 21% lower than the peak of $5,594.82 at the end of January. 

The recent strength in the dollar and worries of higher interest rates driven by the sharp rise in crude oil prices weighed on gold demand. 

 

U.S. Movers 

Estee Lauder edged up 0.5% to $79.70 after the company confirmed it is in the early stages of discussion with Jean Paul Gaultier owner Puig SA. 

Puig Brands SA jumped 14% in Madrid, Spain, trading at €17.70. 

Investors appear to be skeptical that a deal of this size could be pulled off without execution risks, and Estee Lauder dropped as much as 8% in yesterday's session following the first report on the merger. 

As of last Friday's close, Puig Brands had market capitalization of $10 billion and Estee Lauder boasted a market cap of $29 billion.