Morning Business Report: Oil prices tumble as U.S.-Iran talks show progress

(LILAMAX)- Crude oil prices dropped sharply overnight as the United States and Iran showed signs of progress toward a possible agreement aimed at ending their three-month-long war.

President Donald Trump said discussions with Iran were “proceeding nicely,” though he warned the United States could resume offensive action if negotiations collapse.

Oil prices have been volatile in recent weeks amid tensions in the Middle East.

Crude oil lost more than 8% last week, while Brent crude fell more than 5% after President Trump said he called off planned airstrikes against Iran to allow more time for diplomacy.

Meanwhile, automaker Stellantis announced a $70 billion turnaround strategy focused on strengthening its core brands and partnerships.

The five-year investment plan includes producing 60 new vehicle models by 2030, including traditional gas-powered vehicles, hybrids and fully electric models.

Stellantis is the parent company of Chrysler, Jeep and Ram.

On Wall Street, the Dow Jones Industrial Average gained 300 points Friday to close at a new all-time high.

The S&P 500 also posted its eighth straight winning week.

Businesses across the United States are also preparing for what some are calling “World Cup sickness.”

New surveys show more Americans plan to watch and follow the World Cup as the tournament heads to North America.

One estimate suggests the increased soccer interest could reduce workplace productivity enough to cost U.S. businesses roughly $4.5 billion.

At the box office, Disney’s “Star Wars: The Mandalorian and Grogu” brought in an estimated $82 million domestically during its first three days in theaters.

It marks the lowest opening weekend for a Disney-released Star Wars film, though analysts still expect the movie to surpass $100 million over the four-day Memorial Day holiday weekend.