Oil Falls, Stocks Rise as Trump Signals Iran Peace Deal Takes Shape
Oil prices plunged to their lowest level in weeks and stocks rallied on Friday after President Trump called off plans for another day of strikes on Iran, saying that a peace deal could come as soon as this weekend.The gains in global stock markets followed a strong rally on Wall Street on Thursday, as investors were hopeful of a deal and awaited SpaceX’s I.P.O., which shot up nearly 30 percent from its I.P.O.price soon after trading.The day prior, Mr.
Trump had threatened a third straight day of strikes on Iran before canceling the operation later in the day, saying that an agreement was close.That was followed on Friday with both sides in the negotiation confirming that they were close to signing a deal.Oil prices plunge.The price of Brent crude, the global benchmark for oil, dropped over 3 percent, to about $87 a barrel.
Oil last traded near that level in March, shortly after the outbreak of the war.West Texas Intermediate crude, the U.S.benchmark, also fell around 3 percent, to around $85 a barrel.Global stocks surge, as U.S.
traders await a mega I.P.O.The S&P 500 ticked up 0.5 percent in afternoon trading in the United States on Friday.SpaceX, which started trading late Friday morning, jumped nearly 30 percent to over $170 a share.Stocks in Asia, where countries import vast quantities of oil and gas, were higher across the board.
South Korea’s benchmark KOSPI rose more than 4 percent, while stock markets in Japan rose nearly 3 percent.Shares were higher in mainland China, Hong Kong and Taiwan.In Europe, stocks also jumped.
The Stoxx 600, a broad index that tracks the region’s largest companies, rose nearly 2 percent.All major markets in the region posted gains.Gasoline prices fall.Gas prices dropped 2 cents on Friday, falling to a national average of $4.11 a gallon, according to the AAA motor club.
Gas prices have risen nearly 40 percent since the war began.Gas prices don’t move in lock step with crude, usually trailing increases or drops by a ...