[MARKET UPDATE] Crude rallies after reports that US-Iran nuclear talks on Friday have been cancelled; US equities extend to the downside as risk-off intensifies

Crude rallies after reports that US-Iran nuclear talks on Friday have been cancelled; US equities extend to the downside as risk-off intensifies.

The cancellation of US-Iran nuclear talks is likely fueling concerns about heightened tensions in the region, contributing to a crude oil rally as traders anticipate supply disruptions. This uptick in oil prices typically impacts inflation expectations and may further pressure US equities as risk-off sentiment deepens in the market, leading to a challenging environment for stocks.