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Diplomacy · Market Rally · Middle East · Oil Prices
Brent crude fell 4.5% to $95.72 a barrel, and WTI fell 3.9% to $86.28 a barrel, as markets reacted positively to diplomatic efforts aimed at resolving the Middle East conflict.
The U.S. sent Iran a 15-point plan to end the war, and Iran confirmed it allows 'nonhostile' vessels through the Strait of Hormuz, encouraging hopes for de-escalation. International mediators are seeking a meeting between the two sides on Thursday.
Lower oil prices spurred a cautious return to risk, with U.S. stock futures for the Dow Jones Industrial Average and S&P 500 both gaining 1%, and the tech-heavy Nasdaq climbing 1.1% premarket. European natural-gas prices tumbled 6.4% to 50.58 euros a megawatt-hour, despite QatarEnergy declaring force majeure on some supply contracts.
Asian equity markets also rose, with South Korea's Kospi closing 1.6% higher and Japan's Nikkei Stock Average finishing 2.9% higher. The dollar fell 0.1% on the DXY index to 99.396, while U.S. Treasury yields declined across maturities.
Bitcoin rose 1.3% to $70,978, and gold prices climbed 3.2% to $4,542.70 a troy ounce.
Oil prices fell, with Brent crude back below $100 after the U.S. sent Iran a 15-point plan to end the war and news that mediators are pushing for a meeting this week.
