Oil prices plunge and Europe’s stock markets rally after Trump calls off Iran strikes
Summary
President Donald Trump cancelled planned military strikes on Iran to focus on negotiating a peace deal. This decision caused oil prices to drop sharply and European stock markets to rise.Key Facts
- Brent crude oil price fell about 5% to $83.50 per barrel.
- US West Texas Intermediate oil dropped more than $5 to $79.47 per barrel.
- Oil prices had jumped over 20% in July due to tensions and attacks near the Strait of Hormuz.
- President Trump announced talks with Iran would begin to reopen the Strait of Hormuz fully and address Iran’s nuclear threat.
- European stock markets rose, with the Stoxx 600 index up 0.4%.
- Opec+ agreed to increase oil production by about 188,000 barrels per day starting in September.
- Attacks on tankers around the Strait of Hormuz and Bab el-Mandeb Strait have raised concerns about shipping safety.
- Japanese yen reached a three-month high after joint support operations by Tokyo and Washington.
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