Iran deal optimism pushes oil price back below $100; UK builders hit by surge in costs – business live
Summary
Oil prices fell below $100 a barrel after President Donald Trump said a deal between the US and Iran to end their conflict is “very possible.” Markets reacted to hopes that the Strait of Hormuz, a key oil shipping route, might reopen soon, helped by a peace proposal sent through Pakistan.Key Facts
- Brent crude oil price dropped about 3% to $98.30 a barrel, near a two-week low.
- Oil prices fell because the risk of long disruption in the Strait of Hormuz seems lower now.
- The US sent a one-page peace proposal to Iran through Pakistan, seeking to end the conflict.
- Iran has not yet agreed but is expected to respond soon; nuclear talks may follow.
- Pakistan’s foreign ministry is optimistic that a deal could happen soon.
- The UK pound slightly strengthened against the US dollar amid hopes for a US-Iran peace deal.
- The Iran conflict is affecting global energy prices and causing concern for economic growth worldwide.
- Some central banks, like Malaysia’s, are keeping interest rates steady while monitoring the situation.
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