US stocks closed lower on Friday after a disappointing performance yesterday.
In terms of major index performance, the Dow Jones fell 1.01%, the S&P 500 fell 1.74%, while the Nasdaq Composite plunged 2.38%.
The fall came after President Donald Trump announced a 10-day extension of the deadline to attack Iranian energy infrastructure, amid ongoing US-Iranian talks.
Trump also said that Iran had given permission for 10 oil tankers to pass through the Strait of Hormuz this week as a 'gift' to Washington.
Meanwhile, Iran officially rejected the 15-point peace plan proposed by the US.
In return, Tehran presented its own conditions demanding recognition of its sovereignty over the Strait of Hormuz.
At the same time, concerns over the risk of stagflation are growing due to the drastic increase in energy costs and prolonged geopolitical uncertainty.
