The S&P 500 (SPX) continued to climb on Tuesday, supported by signs of progress toward a U.S.-Iran ceasefire extension. The benchmark has erased all of its losses since the conflict began on February 28.
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Forget margin or options. Here's how the pros trade QQQThe two sides have reached an “in principle agreement” to extend the two-week ceasefire past April 21, regional officials told the Associated Press. Pakistani, Egyptian, and Turkish mediators are pushing to extend the ceasefire by two weeks to allow for further negotiations.
Iran Warns Ceasefire at Risk amid Blockade
However, the U.S. blockade of ships entering and leaving Iran has elevated tensions between the two countries. Over the past 36 hours, six Iranian-linked vessels have been forced to turn around and reenter Iranian ports. “U.S. forces have completely halted economic trade going into and out of Iran by sea,” said U.S. Central Command Admiral Brad Cooper.
Iran hasn’t taken the blockade lightly, with an official warning that a prolonged blockage will be viewed as “a prelude to a breach of the ceasefire.”