As worries of a military escalation in Iran subsided, oil prices fell on Friday while US and European stock markets rose. Global benchmark contract for crude Following US President Donald Trump’s announcement on Thursday that he will make a decision on joining Israel’s assault on Iran within the next two weeks, Brent fell more than 2%, impacting the share prices of key oil companies.
Top European diplomats visited Iran’s Foreign Minister Abbas Araghchi in Geneva on Friday to explore a “diplomatic solution” to stop the conflict, and traders believed it implied Trump favoured talks to do so. Although analysts predicted volumes would be low due to many traders spending a four-day vacation after Thursday’s Juneteenth holiday, US indexes began marginally higher on Friday.
Asian equities indices ended the week neutral, but European stock markets saw afternoon trades that saw them rise. According to Kathleen Brooks, an analyst at trading company XTB, “the market mood has been boosted by news that President Trump would delay any decision on joining Israel’s attacks against Iran.” Brent crude has dropped… as traders price out the worst-case scenario for geopolitics,” she stated.
With the Israel-Iran confrontation showing no signs of abating, crude futures surged, and global shares plummeted in previous sessions as investors priced in the danger of tighter oil supplies that would probably hinder economic development.
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