Global markets rallied and oil prices fell after reports that the United States and Iran are close to reaching a deal to end the ongoing conflict.
Brent crude, the global benchmark, dropped to around $97 per barrel after earlier trading above $108, reflecting easing concerns over supply disruptions. Prices remain elevated compared with pre-conflict levels of around $70.
Stock markets responded positively to the news. The FTSE 100 rose more than 2%, while Germany’s DAX and France’s CAC 40 also posted strong gains. Asian markets closed higher, led by a surge in South Korea’s Kospi index.
The movements...