US stock market climbs as US-Iran deal stirs hopes for end to energy chaos
Summary
US stock markets rose sharply after President Donald Trump announced a tentative deal with Iran aiming to end the conflict affecting energy supplies. The S&P 500 and Dow Jones reached near-record highs, while global oil prices dropped as hopes grew for more stable energy markets.Key Facts
- The S&P 500 index rose 1.7 percent on Monday toward its all-time high.
- The Nasdaq Composite increased by 3.1 percent, helped by a big gain from SpaceX’s stock debut.
- The Dow Jones Industrial Average climbed 0.9 percent to a record high.
- Brent crude oil prices fell nearly 5 percent to around $83 per barrel, the lowest since the start of the conflict.
- The deal between the US and Iran aims to end the US-Israel war on Iran and restore stability to energy supply routes.
- About 500 ships remain stuck near the Strait of Hormuz due to months of disruption and safety concerns.
- It will take months for oil and gas flows through the strait to return to normal levels, according to analysts.
- Asian stock markets were mostly steady following the US market gains.
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