Following news that the US and Iran are near to reaching an end-of-war agreement, oil prices have fallen and global stock markets have climbed. Brent crude futures, the global benchmark oil price, dipped below $100 (£73) per barrel following the claims. The price was more than $108 earlier in the day.
Meanwhile, the FTSE 100 index of the top companies listed in London surged more than 2% in early trading, while the German Dax and French Cac 40 were up over 3%. The US S&P 500 increased by just under 1%.
Market fluctuations follow news outlets. According to Axios, the United States believes it is close to completing a one-page deal that will stop the war and pave the way for more formal nuclear negotiations.
Oil prices remain significantly higher than the $70 per barrel they were hanging around prior to the start of the US-Israel war with Iran, which has caused a collapse in regional oil production and transportation.
Iran has threatened to attack oil ships transiting the Strait of Hormuz, a narrow waterway south of the nation, in response to US-Israeli strikes since February 28. Approximately one-fifth of global oil and gas exports typically transit the strait, which has been effectively halted for weeks. Global gas costs have also risen since the crisis started.
Also Read:
18 Top Fall Fashion Trends from New York Fashion
