Dow jumps 300 points as oil retreats on report of Pakistan push for new Iran-U.S. peace talks

The Dow Jones Industrial Average rose on Friday, while oil prices slid, as investors grew hopeful that stalled U.S.-Iran talks would resume.

The 30-stock index gained 333 points, or 0.7%, boosted by a 3% jump in Apple. The S&P 500 traded up 0.6%, while the Nasdaq Composite traded around the flatline.

The moves came after Reuters, citing three Pakistani sources, reported that Pakistan is ​considering a path toward establishing new peace negotiations between the U.S. and Iran, with the push being initiated by China. However, ​obstacles to discussions with the U.S. are still high, the sources said.

Oil prices pulled back following the report. Brent crude futures — which topped $100 per barrel for the first time since late May this week — eased from those levels to currently trade at roughly $95, dropping 4%. U.S. West Texas Intermediate futures fell 4% to trade above $88 a barrel.

Earlier this week, U.S. President Donald Trump said he will soon make a decision on whether to launch a “massive attack” on Iran after the conflict in the Middle East extended to a new battleground in the Red Sea. Speaking to Axios, the president said the proposed strikes would be bigger than anything seen in the war so far, and that Iran has not “received enough pain yet.”