Crude prices fall sharply following a temporary U.S.-Iran agreement, while global equities advance on reduced geopolitical risks.
Crude oil prices fell 5% to $80 per barrel after the U.S. and Iran announced a temporary peace deal set for signing on June 19. The agreement includes lifting a naval blockade and reopening the Strait of Hormuz, easing supply concerns.
Oil is now down 33% from its March high of $120. The deal extends a ceasefire for 60 days, though past negotiations have seen repeated breakdowns, leaving long-term stability uncertain.
Global equity markets rose on the news, with the Nasdaq 100-tracking Invesco QQQ ETF gaining 2% in pre-market trading. Fed policy remains a key focus, with markets now pricing no rate hikes this year.