Oil prices plunge on hopes of US-Iran deal
By Hanna Ziady
Oil prices are tumbling and stock markets rallying today on renewed hopes for a US-Iran settlement after President Donald Trump hailed “great progress” in diplomatic talks with Iran.
Brent crude, the global oil benchmark, slid 8% to $101 a barrel. WTI, the US benchmark, plunged 9.2% to $92.8 a barrel.
Meanwhile, S&P 500, Dow and Nasdaq futures all point to a stronger market open, following gains yesterday that took the S&P 500 to a fresh record at the close. In Europe, London’s FTSE 100, Germany’s DAX and the CAC 40 in Paris are up more than 2%.
Those rises follow solid gains in Asia, where major indexes closed higher across the board. South Korea’s Kospi jumped 6.45%, driven higher by Samsung’s 14.4% gain, which took the smartphone maker’s market value above $1 trillion for the first time.
The renewed focus on diplomacy comes after Trump paused his plan to guide ships through the blocked Strait of Hormuz — a measure that Tehran had responded to with renewed attacks, including on Gulf energy infrastructure.
“The prospect of a permanent peace deal remains highly uncertain, however, and oil looks set to remain very volatile,” said analysts at ING.
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