Oil prices ease slightly after overnight spike, but stay volatile with no Iran peace deal in view

Oil prices eased slightly Monday after a scare overnight that saw prices pop and then moderate, helping steady stock markets worldwide as trading headed from Asia through Europe to Wall Street. 

Brent crude, the international standard, lost 7 cents to trade at about $108 per barrel Monday morning, after surging back over $110 overnight. It was trading at roughly $70 a barrel in late February before the start of the Iran war. Benchmark U.S. crude was down 33 cents to about $102 per barrel.

The S&P 500 rose 0.1% in early trading after European stocks reversed losses and most Asian markets finished lower. The Dow Jones Industrial Average edged up 33 points, and the Nasdaq composite added 0.2%. 

Wall Street had looked likely to see losses before markets opened, and oil prices were volatile after President Trump warned Tehran that the "clock is ticking," as negotiations over a permanent end to the war appeared to stall.

CBS/AP