Iran confirms concessions in a draft US deal, triggering a sharp drop in crude prices ahead of potential signing.
WTI crude fell 3.5% to $84.60 after Iran disclosed details of a draft memorandum of understanding with the US. The agreement reportedly includes significant US concessions, though Iranian media noted the text remains unfinalized. A signing could occur as soon as Sunday in Geneva, according to reports.
Prior to the announcement, oil prices had stabilized near $87.50, with markets monitoring geopolitical tensions in the Middle East. Core inflation data from Germany, France, and Spain also accelerated in May, adding pressure on central banks. The ECB kept rate options open for its July meeting.
Equities remained resilient, with European indices up over 1% and US futures gaining 0.5%. The US 10-year yield edged down 0.2 bps to 4.46%, while gold and Bitcoin showed muted reactions.