Israel and Iran exchanged missile strikes as the status of potential peace talks remains uncertain, extending a war that’s wreaked havoc across the Middle East and global markets.

Hopes for a possible end to the war with Iran pushed stocks higher on Wall Street on Wednesday, while oil prices eased. The S&P 500 rose 0.5% in its latest flip - flop after the United States delivered a plan to pause the war to Iran.

Investors cheered reports of a plan to end the Iran war. Stocks rallied and oil prices tumbled, though some market pros remained cautious.

U.S. stocks rose Wednesday and global oil prices fell, as traders and investors were buffeted by constant headlines about the war in Iran.

Oil prices bounced back above $100 a barrel on Wednesday, as the US and Iran clashed over what terms might bring the conflict in the Middle East to an end. Brent crude was trading for about $101 a barrel at midday in the US,

Iran on Wednesday dismissed an American plan to pause the war in the Middle East, issuing its own counterproposal instead, as it launched more attacks on Israel and Gulf Arab countries. Two officials from Pakistan described the 15-point U.

President Trump continues to claim that Iran is ready to negotiate an end to the war. Meanwhile, American forces are still being deployed to the region. CBS News' Ed O'Keefe and Ramy Inocencio report.

Iran said it rejected a US ceasefire proposal and maintained attacks on Israel and Gulf Arab states, delivering a blow to Washington’s efforts to end a war that’s wreaked havoc across the Middle East and global markets.