Oil plunges, stocks jump on US-Iran peace deal
AI Summary
Following announcement of a peace agreement between the United States and Iran, the Strait of Hormuz is expected to reopen after remaining closed for over three months, unblocking global petroleum shipments. Global crude prices declined sharply in response, with Brent crude falling to approximately $84 per barrel and US crude to around $81, while Asian equity markets surged, with major indices gaining more than 5 percent.
Crude dropped towards US$80 a barrel amid risk-on sentiment as traders bet on an end to the Gulf military conflict. ...
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