NEW YORK - Global stocks mostly fell as US indices pulled back from records while Washington awaited Tehran's response to a US plan to end the Middle East war and reopen the Strait of Hormuz.
Crude oil fell sharply early in the session amid hopes for a peace deal that ends the strait disruption. But oil prices later cut losses.
The benchmark international oil contract Brent Crude finished just above $100 at $100.06 a barrel, down 1.2 percent.
Major US indices were in positive territory early in the day, but finished lower. Both the S&P 500 and Nasdaq retreated from records.
Earlier, European stock markets declined after big gains the previous session, while leading Asian markets climbed.
Tokyo soared 5.6 percent, which largely reflected resumption of trading in Japan after public holidays this week.
"The wild streak of enthusiasm which hit markets amid hopes for a major de-escalation in the Iran conflict is tempering," noted Susannah Streeter, chief investment strategist at Wealth Club.
"There's a realisation that there are more hurdles to climb for a longer-term resolution to be agreed, even though Iran is reported to be studying a US peace proposal aimed at formally ending the conflict."
US President Donald Trump said an agreement could be near after what he called positive talks. Iran said it would pass on its latest position to mediator Pakistan.
The war, launched by the United States and Israel in late February, has seen Iran respond with attacks across the Middle East and impose a chokehold on the Strait of Hormuz, the gateway to the Gulf oil and gas industries and a strategic trade route.
- AFP