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Oil prices slump nearly 6% on hopes for US-Iran diplomacy
Oil prices have fallen sharply on renewed hopes for diplomatic talks aimed at ending the US-Israel war on Iran, easing inflation concerns and helping fuel a broad rally on Wall Street.
Brent crude, dropped 5.9 percent to $92.57 a barrel on Monday, while US West Texas Intermediate (WTI) fell 4.4 percent to $86.85 a barrel, according to the AFP news agency.
The decline came after Trump played down the likelihood of renewed strikes on Iran, raising hopes that Washington and Tehran could reach a negotiated settlement.
Lower energy prices helped US stocks rebound from last week’s sharp losses, with the S&P 500 gaining 2.35 percent and the tech-heavy Nasdaq climbing 2.74 percent, the Reuters news agency reported.
“Oil prices for sure, if they’re down, that’s certainly adding fuel to the fire,” Ken Polcari, chief market strategist at SlateStone Wealth, told Reuters.
The rally extended to European markets, with London’s FTSE 100 rising 1 percent, Paris’s CAC 40 gaining 1.2 percent and Frankfurt’s DAX climbing 1.7 percent, reports AL Jazeera.