Wall Street's benchmark S&P 500 index closed slightly higher after Thursday's choppy session as oil prices finished lower and investors hoped for a Middle East peace deal even as the U.S. and Iran appeared to take directly opposing stances over Tehran's uranium stockpile and control of the Strait of Hormuz. After spending the morning in the red, stocks clawed their way back to gains in afternoon trading while oil prices shifted from a rally to a decline as investors monitored social media for news on the peace progress.
While U.S. Secretary of State Marco Rubio told reporters there had been "some good signs" in talks with Iran, he also said a diplomatic deal would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, a key oil transit route. Earlier, a Reuters report signaled a hardening stance from Tehran, with Supreme Leader Ayatollah Mojtaba Khamenei issuing a directive that uranium should not be sent abroad. However, President Donald Trump said the U.S. will eventually recover Iran's stockpile of highly enriched uranium, which Washington views as weapons-related, while Tehran maintains it is for peaceful use.
