S&P 500 Surges 1% on Iran Peace Hopes, Oil Falls Below $100

The S&P 500 rose 1% as crude oil fell 5% following reports of a US peace plan for Iran. Exxon Mobil and Chevron traded lower, while United Airlines and Carnival gained on lower fuel costs. The market rally suggests that sustained oil prices at $150 would trigger a recession, but the VIX remains elevated at 26.95, indicating ongoing uncertainty. The peace plan is a potential catalyst for de-escalation, but breakdowns in negotiations could reverse the rally.