Oil falls below $100 as U.S.–Iran ceasefire lifts markets
Brent crude fell to $95, while U.S. benchmark WTI declined to $96.8 as of 5:10 a.m. GMT. The agreement includes safe passage through the Strait of Hormuz, a key route for global oil and gas shipments.
The truce boosted investor sentiment after weeks of market तनाव, reducing fears of prolonged conflict and inflation.
Global equities rallied, with Japan’s Nikkei 225 rising over 5% and South Korea’s Kospi jumping more than 7%. Hong Kong’s Hang Seng gained about 3%, while China’s Shanghai Composite rose 2.3%. European and U.S. stock futures also advanced, with the Nasdaq up over 3%.
Precious metals climbed, with gold up 2.5% and silver gaining 5%. Cryptocurrencies followed suit, as Bitcoin rose above $70,000 and Ethereum increased 6.5%.
The U.S. dollar weakened, while the Chinese yuan strengthened to a three-year high.
Under the agreement, Iran will temporarily reopen the Strait of Hormuz, which handles around 20% of global energy flows. Shipping activity is expected to resume gradually as details of the deal remain unclear.
