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Nasdaq Hits Record High as Oil Eases and US-Iran Talks Loom

By Markets Desk · · 1 min read
A wide, deep water strait with large oil tankers navigating through it

The Nasdaq Composite reached a new intraday peak while Brent crude fell 1.2% on hopes for reduced supply risks.

Key points

  • The Nasdaq Composite reached an intraday high of 27,231.48, its first record since early June.
  • Brent crude fell 1.2% after Iran signaled it could reopen the Strait of Hormuz within seven days.
  • Alphabet shares rose 2% and Meta gained 0.5%, driving the tech-heavy index to new peaks.

The Nasdaq Composite hit an intraday record high of 27,231.48 on Tuesday. This marked the first such peak for the index since early June.

Brent crude prices dropped by 1.2% as investors reacted to geopolitical shifts. A senior Iranian official said Tehran could reopen the Strait of Hormuz within seven days if the US eases pressure. This potential move helps lower concerns about global oil supply disruptions.

Oil supply risks recede

Saudi Arabia restarted operations at its East-West Pipeline according to Reuters sources. This development reinforced hopes that energy supply issues will stabilize. Lower oil prices can reduce inflationary pressure on the broader economy.

Lale Akoner, a global market strategist at eToro, noted that oil is a key macroeconomic variable. Interest rates and stock markets are closely linked to energy costs and geopolitical developments. Markets are watching whether further progress can push prices lower.

Diplomatic talks reshape market sentiment

US and Iran discussions are expected on the sidelines of the UN General Assembly. These talks could lead to progress on the Middle East conflict. Any reduction in supply fears would likely improve overall market sentiment.

A US-China summit is scheduled for Thursday to extend the trade truce. President Donald Trump also met with world leaders on Tuesday. These diplomatic events keep geopolitical risks in focus for traders.

Tech stocks drive index gains

Alphabet shares rose about 2% to push the Nasdaq to its record level. This gain helped lift the S&P 500 Communication Services sector by 1.2%. Meta shares also increased by 0.5% following an 11% jump on Monday.

Investors believe Meta's new AI agent, Muse, could create new revenue streams. Akoner said the market confirmed that Meta's AI monetization plans are progressing. Apple and Tesla shares also rose slightly to support the broader tech rally.

Based on reporting by Hindustan Times, compiled by the Tradingbird desk.

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