U.S. oil futures slide after reports of a potential U.S.-Iran agreement, lifting equities and travel stocks.
U.S. crude oil prices fell below $100 a barrel in Wednesday trading following reports of a potential U.S.-Iran nuclear deal. The drop accelerated after Arab media suggested negotiations were nearing completion, easing supply concerns.
The S&P 500 rose on the news, with travel and airline stocks leading gains. Earlier this week, oil had traded above $105 amid tight global supply. Markets now await confirmation of the deal’s final terms.
No immediate reaction was observed in broader commodity markets, though analysts warn volatility may persist until details are finalized.