Oil prices plunge and Europe’s stock markets rally after Trump calls off Iran strikes
Global oil prices dropped significantly following Donald Trump's decision to cancel strikes against Iran and his suggestion of potential peace talks. European stock markets rallied in response to the reduced geopolitical risk.
Why it matters
The volatility in oil prices directly affects global inflation and consumer fuel costs, making this a critical economic indicator.
Oil supertankers and merchant marine ships in the Fujairah anchorage, just off the strait of Hormuz. Oil supertankers and merchant marine ships in the Fujairah anchorage, just off the strait of Hormuz. Oil Oil prices plunge and Europe’s markets rally after Trump calls off Iran strikes Brent crude drops by 5% after US president claimed talks on Middle East peace deal would resume
Prefer the Guardian on Google Crude oil prices fell sharply while stocks and government bonds rallied on Monday after Donald Trump cancelled planned strikes on Iran and claimed peace talks were about to resume.
Brent crude was trading 5% lower at $83.47 a barrel by lunchtime, after falling as much as 7.3% to $81.55 a barrel. US West Texas Intermediate dropped more than 5% to $79.47 a barrel.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in