International News: Oil prices plunge on reports of U.S.-Iran near deal to end war
By Zoila Palma: Today, global oil prices plunged while stock markets rallied sharply following reports that the United States and Iran may be nearing an agreement to end the ongoing conflict and reopen the strategically important Strait of Hormuz. Investor optimism fueled major gains on Wall Street, with the S&P 500 rising 1.5% and the […] The post International News: Oil prices plunge on reports of U.S.-Iran near deal to end war appeared first on Belize News and Opinion on www.breakingbelizenews.com.
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By Zoila Palma: Today, global oil prices plunged while stock markets rallied sharply following reports that the United States and Iran may be nearing an agreement to end the ongoing conflict and reopen the strategically important Strait of Hormuz.
Investor optimism fueled major gains on Wall Street, with the S&P 500 rising 1.5% and the Nasdaq Composite jumping 2%, both reaching record highs, NBC reports.
Oil prices experienced dramatic declines after reports emerged that U.S. and Iranian officials were working toward a memorandum of understanding aimed at ending hostilities and restarting nuclear negotiations.
U.S. crude oil prices fell as much as 15% before settling down 7% at US$95.08 per barrel, while Brent crude dropped nearly 8% to US$101.27 per barrel. Wholesale gasoline and heating oil prices also declined following the news, raising hopes that fuel costs could soon ease for consumers.
Despite the market relief, uncertainty remains over whether a final agreement will be reached.
U.S. President Donald Trump cautioned that it was “too soon” to prepare for a peace deal and warned Iran to accept U.S. terms or face intensified military action.
Iranian officials confirmed that a U.S. proposal was under review, while Iran’s navy stated that safe passage through the Strait of Hormuz would resume under new security measures.
The post International News: Oil prices plunge on reports of U.S.-Iran near deal to end war appeared first on Belize News and Opinion on www.breakingbelizenews.com.
