Oil slides to $93 and FTSE 100 jumps after two-week ceasefire agreed - MARKETS LIVE
Oil has plunged below $100 a barrel while stock markets rally after Iran and the US agreed to a two-week ceasefire that will open the Strait of Hormuz. At the eleventh hour, Trump said he had agreed to pause the conflict so long as Iran reopened the Strait. It came just hours before Trump's deadline for Iran to meet his demands or he would kill a 'whole civilisation'. Brent crude prices fell around 15 per cent after the announcement as Iran confirmed it would allow two weeks of 'safe passage' in the key shipping route, through which a fifth of the world's oil passes. The talks, led by Pakistan, will begin on Friday to discuss a 10-point plan, which includes control over the strait and the lifting of sanctions. This morning, Brent crude is trading at around $93 a barrel,having traded at around $110 on Tuesday. Asian markets welcomed the deal, with stocks surging overnight. South Korea's Kospi, which has been hit hard by the war, jumped 6.5 per cent, while Japan's Nikkei 225 rose 5.4 per cent. The FTSE 100 is up 250 points, or 2.45 per cent, while gilt yields are on the slide as markets slash their bets for Bank of England interest rate hikes this year. If you are reading on the This Is Money app, click here. FTSE surges and gilt yields slideHouse prices slide on Middle East uncertainty
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Oil slides to $93 and FTSE 100 jumps after two-week ceasefire agreed - MARKETS LIVE
