Wall Street rises as hopes of Iran war resolution offset inflation fears

NEW YORK — Wall Street stocks clawed their way back from a steep selloff to close higher on Monday, notching a final-hour rebound after US President Donald J. Trump suggested that the US-Israeli war on Iran could be close to ending.

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All three indexes staged a late comeback after Mr. Trump said the war was “very far ahead” of his initial four-to-five-week estimated time frame.

Early in the session, oil prices reached their highest levels since mid-2022 due to constricted supply arising from shipping disruptions as the war on Iran entered its 10th day. Ballooning energy prices could metastasize into a broader inflation spike at a time when many US consumers are struggling with affordability.