That’s because the correlation between crude oil and stocks has not been stable over time. For several decades prior to 2000, for example, that correlation was negative, as you can see in the chart below. During those decades, higher oil prices in a given month led to below-average stock-market returns in the subsequent month.

The U.S. crude oil price benchmark, West Texas Intermediate, fell 8% to less than $68 a barrel, the lowest level since last week. The global Brent crude price benchmark likewise fell about 8%. Major stock indexes ended the day in positive territory.

U.S. stocks climbed near their all-time high after oil prices eased further on hopes that Israel's war with Iran will not damage the global flow of crude

Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East - a major oil-producing region.

President Trump said he wouldn’t stop China from purchasing oil from Iran, signaling he might ease the U.S.’s “maximum pressure” campaign on Tehran. “They’re in the oil business. I mean, I could stop it if I wanted,