Oil Prices Drop and Global Stocks Rise After Trump Cancels Planned Iran Strikes
Oil fell to multi-week lows and equity markets rallied after President Trump announced the cancellation of further strikes on Iran, citing progress toward a possible peace agreement.
Oil prices fell to their lowest level in weeks on Friday, and equity markets in Europe and Asia moved higher after President Donald Trump announced the cancellation of a planned third day of strikes on Iran. Trump said a peace deal could be reached as early as the weekend, though he added that Iran had released inaccurate details about the agreement.
The move followed a strong rally on Wall Street the previous day, which was driven by optimism about a potential deal and investor interest in an upcoming SpaceX initial public offering. The S&P 500 slipped slightly on Friday morning after Trump posted on his social-media platform that Iran had leaked incorrect terms of the deal.
Iran’s state broadcaster, citing a foreign ministry spokesman, said no agreement had been finalized.
