Global stocks rise and oil price slips amid hopes of US-Iran peace deal - business live
Summary
Asian stock markets are rising because of hopes for a peace deal between the US and Iran. This deal includes reopening the Strait of Hormuz for shipping and lifting the US blockade on Iranian ports. Oil prices are falling as investors react to the news.Key Facts
- President Donald Trump has shared a draft peace agreement for the conflict with Iran with allies, including Israel.
- The draft proposes reopening the Strait of Hormuz to commercial shipping and lifting the US blockade on Iranian ports.
- Iran could receive access to up to $12 billion in frozen assets as part of the deal.
- The goal is to restore shipping in the Strait of Hormuz to pre-war levels within 30 days.
- Negotiations on Iran’s nuclear program may take up to 60 days.
- Asian stock markets rose: Japan’s Nikkei up 2.65%, Hong Kong’s Hang Seng up 0.9%, South Korea’s Kospi up 3.6%.
- Shares of tech companies like TSMC, Samsung Electronics, and SK Hynix also increased due to AI enthusiasm.
- Brent crude oil price dropped about 1% to $93.02 a barrel amid hopes for peace and reopening of the Strait.
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