Oil prices fell, and financial markets rebounded after Donald Trump announced that the US would postpone strikes on Iranian power installations in favour of “constructive” talks to end the Middle East crisis.
The US president claimed on social media that the two countries had discussed a COMPLETE AND TOTAL” resolution, while Iran denied any negotiations took place. Brent crude oil prices fell, but European and US stock markets surged in response to Trump’s statement.
Trump had earlier threatened to “obliterate” Iranian power plants if the Strait of Hormuz shipping route was not restored in 48 hours. Iran had stated that it will reply by attacking important facilities in the region.
The comments over the weekend shook global markets, raising concerns that the US-Israeli war with Iran will be prolonged. Brent reached $113 a barrel on Monday, but it fell in the immediate aftermath of Trump’s recent comments. It went as low as $96 per barrel before recovering to $103.
While oil prices fell, stocks surged. The London Stock Exchange’s FTSE 100 index closed flat after falling more than 2% earlier on Monday.
Germany’s Dax index recovered, closing 1.2% higher, while France’s Cac gained almost 0.9%.
Also Read:
After a Legal Threat From Disney, ByteDance has Decided to Restrict its AI Video App
New Evidence Reveals that Police Falsely Accused a Guy of Murder
