Wall Street Rallies on Iran’s Peace Overture as Oil Retreats
Major US equity benchmarks jumped after Iran’s president signaled willingness to end hostilities with the US and Israel if future-aggression guarantees are secured. The Dow climbed 2.5%, adding over 1,125 points, while the S&P 500 and Nasdaq Composite rose 2.9% and 3.8% respectively. Oil prices fell sharply on the optimism. Brent crude dropped 3.2% to $103.97 per barrel, and West Texas Intermediate slid 1.5% to $101.38. Earlier in the session, reports of potential US willingness to end conflict, even with the Strait of Hormuz closed, supported the rally despite ongoing supply concerns. European stocks also closed higher despite a eurozone inflation uptick to 2.5%, while Asian markets ended mixed amid uncertainty over energy costs. US gasoline prices topping $4 per gallon have intensified pressure on policymakers and added to global economic worries.
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