Oil prices accelerated losses on Tuesday after U.S. President Donald Trump said China can continue to buy Iranian oil, providing reassurance over crude supply in Middle East.

International benchmark Brent slumped 4.5 percent to $68.26 per barrel, while the main US crude contract WTI shed 4.6 percent to $65.34, after plunging earlier over a fragile Iran-Israel ceasefire.

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said Tuesday, a stance directly at odds with President Donald Trump's calls for immediate cuts.

"For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," Powell said in prepared remarks he will deliver Tuesday before the House Financial Services Committee.

President Donald Trump took office in January pledging to "make America the crypto capital of the world." He has since harnessed wide swaths of the federal government to bolster the industry — all while raking in huge sums of money for his family's business.

By some estimates, crypto ventures now account for nearly 40% of the Trump Organization's $2.9 billion net worth. But the Republican president's championing of the industry has been just as big a boon for many of the industry's top names.

Oil prices are dropping further, and stocks are rallying worldwide Tuesday on hopes that Israel's war with Iran will not damage the global flow of crude, even if a tentative truce seemed to fray under fire in the morning.

The S&P 500 was 0.7% higher in early trading, following up on even bigger gains for stocks across Europe and Asia, after President Donald Trump said late Monday that Israel and Iran had agreed to a "complete and total ceasefire." The Dow Jones Industrial Average was up 289 points, or 0.7%, as of 9:31 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.

President Donald Trump on Monday called for the U.S. and other oil-producing economies to pump more oil as crude prices remain volatile following U.S. strikes on Iranian nuclear facilities.

Trump urged stepped-up production as the White House sharpened its warnings to Iran against closing the Strait of Hormuz, a vital oil and gas shipping lane, in retaliation for the U.S. strikes on Iran's nuclear program.

Major oil producers Russia and Iraq on Monday expressed "concern" over volatility in world energy markets amid the spiraling conflict between Iran and Israel following U.S. attacks on Iranian nuclear sites.

In a phone call between Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani, the Kremlin said the two leaders "expressed concern about the emerging risks to global energy markets and emphasized the importance of continuing active cooperation within the OPEC+ format."

The United States' bunker-busting entry into Israel's war with Iran is having only a modest effect on the price of oil and stock markets worldwide Monday, at least for now. The hope is that Iran won't retaliate in a way that disrupts the global flow of crude, which would hurt economies worldwide but also its own.

The S&P 500 was edging down by 0.1% in early trading, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Dow Jones Industrial Average was down 37 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

China said on Monday that the international community must do more to prevent fighting between Iran and Israel from impacting the global economy, noting the "Persian Gulf and surrounding waters are important international trade routes".

"China calls on the international community to make greater efforts to promote the de-escalation of the conflict and prevent regional instability from having a greater impact on global economic development," foreign ministry spokesman Guo Jiakun said.

Global sales of personal luxury goods are "slowing down but not collapsing," according to a Bain & Co. consultancy study released Thursday.

Personal luxury goods sales that eroded to 364 billion euros ($419 billion) in 2024 are projected to slide by another 2% to 5% this year, the study said, citing threats of U.S. tariffs and geopolitical tensions triggering economic slowdowns.

The billionaire slated to take over the controlling interest in the Los Angeles Lakers has built a career leading businesses investing in everything from sports franchises to artificial intelligence.

Mark Walter is CEO of the global investment and advisory company Guggenheim Partners, which is estimated to have more than $325 billion in assets. He's also co-founder and CEO of holding company TWG Global.