Oil Slips, US Stock Futures Rise on Iran Optimism: Markets Wrap
Photographer: Majid Saeedi/Getty Images
Oil dropped and US equity-index futures edged up 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 for July fell 1.8% to about $102.50 a barrel 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.” The move helped pare some of the gains from the past three sessions.