Brent crude falls near prewar levels of $72.50, while U.S. gasoline prices drop below $4 a gallon for the first time since May.
U.S. equities rebounded Thursday after the U.S. and Iran signed an interim pact to de-escalate tensions, sending Brent crude futures near $72.50 a barrel. The Nasdaq composite rose more than 1% at the open, reversing losses from Wednesday’s Fed-driven selloff.
Oil’s decline eased pressure on consumers, with the average U.S. gasoline price dipping below $4 a gallon for the first time in over two months. Traders now price a 64% chance of a Fed rate hike by September, up from 29% before the Fed’s latest meeting.
Investors rotated into AI-linked stocks and chipmakers, though SpaceX shares extended losses after a Wednesday drop.