Oil prices plunge 5% on US-Iran peace deal likelihood, stock markets go green
US Marines boarded and searched an Iranian-flagged oil tanker on Wednesday. Photograph: (Screengrab from video on X)
Global oil prices fell more than 5% on Wednesday while stocks surged, as the S&P 500 broke a three-day losing streak. The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The advance in Treasuries sent long-term yields down from the highest since 2007.
Global oil prices fell more than 5% on Wednesday after President Trump told reporters the US is in “final stages of Iran.” Trump had said, “We’ll see what happens. We’ll either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.”
US crude oil prices fell below $100 per barrel. West Texas Intermediate futures fell more than 6% to $97.74 per barrel by 12:58 p.m. ET. International benchmark Brent futures also lost nearly 6% to $104.62 per barrel.
Also Read: ‘Iran talks in final stages,’ says Trump, warns of ‘nasty’ action as Tehran threatens wider war
Stocks surge, S&P 500 breaks three-day losing streak
Meanwhile, stocks surged and the S&P 500 broke a three-day losing streak. With Nvidia’s sales estimated to have grown at the fastest clip in more than a year, the shares led a rally in chipmakers. The advance in Treasuries sent long-term yields down from the highest since 2007.
The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%.
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The Dow Jones Industrial Average rose 0.9% while the Stoxx Europe 600 rose 1.5%. The Philadelphia Stock Exchange Semiconductor Index also rose 4.1%
It all started when Trump, before boarding Air Force One to deliver a commencement address at the US Coast Guard Academy in Connecticut, said, “We’re in final stages of Iran.”
Also Read: US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf
Efforts to finalise US-Iran deal have entered decisive stage: Reports
Arab media outlets claimed that efforts to finalise a US-Iran agreement have entered a decisive stage. They reported that diplomatic efforts between the US and Iran intensified on Wednesday, with reports suggesting a draft agreement between Washington and Tehran could be finalised within hours.
Al Arabiya, citing sources, reported that negotiations over the wording of the agreement were nearing completion. The report added that Pakistan’s army chief is expected to visit Tehran on Thursday to help announce the framework of the deal, while another round of negotiations may be held in Islamabad after the Haj season.
However, no official confirmation has been issued by Washington or Tehran.
Some reports even suggested that the announcement could come within hours as negotiations reach a critical point, but the development remains unverified by official sources.
US Marines board, search Iranian-flagged tanker: CENTCOM
US Marines on Wednesday boarded and searched an Iranian-flagged oil tanker that was suspected of trying to violate the US blockade of Iranian ports, US Central Command said on X.
The tanker, M/T Celestial Sea, was heading toward an Iranian port.
Also Read: Pakistani officer claims to have hit 2 non-existent airbases in India with Fatah-1 missile
US forces later released the vessel and told the crew to alter their course, according to CENTCOM.
“US forces continue to fully enforce the blockade and have now redirected 91 commercial ships to ensure compliance,” CENTCOM posted.
