Brent crude climbed above $90 a barrel and U.S. stocks closed lower after a 60-day U.S.-Iran ceasefire memorandum of understanding expired with both sides signaling they would not extend it. On the 17th, the Dow Jones Industrial Average fell 272.63 points, or 0.51%, to 53,459.78, the S&P 500 lost 40.70 points, or 0.52%, to 7,745.06, and the Nasdaq Composite slipped 84.25 points, or 0.32%, to 26,644.91. West Texas Intermediate for September delivery rose 2.55% to $84.50 a barrel, while Brent for October delivery gained 2.65% to $90.87. U.S. President Donald Trump said he had no intention of extending the MOU and said, "Iran must raise the white flag of surrender," while Iran's Foreign Ministry spokesman Ismail Baghaei dismissed the 60-day timetable as meaningless. A senior Iranian official told Reuters that if diplomacy fails, Iran will move from a defensive posture to a full-scale offensive and prepare for heightened tensions in the Strait of Hormuz (a vital oil shipping chokepoint). The flight to caution also reached bonds, with the 30-year Treasury yield touching 5.31% intraday, its highest level since June 2007, while the 10-year yield rose to 4.725% from 4.695%. Investors are also watching major U.S. retail earnings and minutes from the July Federal Open Market Committee, or FOMC (the Fed's rate-setting panel), for signals on consumer demand and the path of inflation.