Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live
Summary
Global stock markets reached record highs as oil prices dropped nearly 2% to $107.7 a barrel. President Donald Trump announced a pause in the U.S. naval effort to escort ships through the Strait of Hormuz due to progress toward a deal with Iran, although the blockade on Iranian ports remains.Key Facts
- Asian stock markets, including South Korea’s Kospi and Japan’s Nikkei, rose significantly, with South Korea’s Kospi jumping nearly 8%.
- Samsung Electronics’ stock surged 15%, pushing its market value over $1 trillion.
- The S&P 500 and Nasdaq indexes on Wall Street hit all-time highs, with gains of 0.8% and 1% respectively.
- Brent crude oil prices fell by almost 2% to $107.7 per barrel.
- President Trump paused “Project Freedom,” the U.S. effort to guide ships through the Strait of Hormuz.
- The naval blockade on Iranian ports remains in place despite the pause.
- Trump cited requests from Pakistan and other countries, military success, and progress on a final agreement with Iran as reasons for the pause.
- Iran has not yet responded to the announcement.
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