Oil Slips as Trump Spurs Optimism Over Iran Deal: Markets Wrap
Photographer: Majid Saeedi/Getty Images
Oil dropped in early Asia trading after President Donald Trump said he was holding off on fresh military strikes, boosting hopes for a deal that could end the war and revive energy flows through the Strait of Hormuz.
West Texas Intermediate crude fell 1.4% after Trump said plans for a strike on Iran were called off following appeals from Persian Gulf allies, adding that “serious negotiations are now taking place.” Contracts for the S&P 500 were steady after the benchmark index nearly wiped out its losses in a choppy session. Equity futures signaled gains for benchmarks in Japan and Australia, with contracts for Hong Kong pointing lower.