&imwidth=800&imheight=600&format=webp&quality=medium "Oil prices tumble as Iran, US signal breakthrough in war-ending talks")
Oil prices fell sharply on Friday (Jun 12) as renewed hopes of a peace agreement between Iran and the United States raised expectations that disruptions to global energy supplies could soon ease. Global benchmark Brent crude dropped below $86 a barrel, its lowest level since the early stages of the Iran conflict, before recovering some losses to trade above $87. The decline came after Iranian and US officials signalled that negotiations to end the war were making significant progress.
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How the price of Brent crude surged since February
The conflict between the US, Israel and Iran has rattled global energy markets for months. Brent crude had surged from around $72 a barrel before the outbreak of hostilities to as high as $126 in April, as fears grew over the security of oil and gas shipments from the Middle East. The spike in energy costs has weighed on economic growth worldwide while fuelling inflationary pressures.
Positive market reactions follow latest diplomatic news
Markets responded positively to the latest diplomatic developments. Britain's FTSE 100 climbed 1.6 per cent, while Germany's DAX and France's CAC 40 both gained nearly 2 per cent. US stocks also moved higher as investors bet that a breakthrough could reduce one of the biggest sources of uncertainty facing the global economy.
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Government bond markets also rallied. Yields on 10-year UK government bonds, known as gilts, fell below 4.8 per cent, their lowest level since April 20, reflecting expectations that lower energy prices could help cool inflation.
The optimism followed remarks from officials on both sides suggesting that an agreement may be within reach. Iranian Foreign Minister Abbas Araghchi said the proposed "Islamabad Memorandum of Understanding", named after the Pakistani capital that hosted earlier talks, was closer than ever to being finalised.
Pakistan, which has been acting as a mediator, also expressed confidence that a deal could be achieved.
