Trump Calms Middle East, Global Markets Celebrate
Global oil prices fell sharply while US and Asian stocks rose after President Donald Trump announced a temporary ceasefire between Israel and Iran. The statement was made via the Truth Social platform following Iran's symbolic attack on a US base in Qatar.
Market details:
WTI oil plunged more than 5%, falling below $70 a barrel.
The S&P 500 rose 1% and S&P futures rose 0.6%.
The US dollar weakened against other major currencies.
Treasury yields fell, as inflation concerns eased.
Trump said the two sides had agreed to a peace deal, although there was no confirmation from Iran or Israel. Iran's attack on a US base in Qatar was described as "weak" and did not cause significant damage because it was intercepted and the site had been evacuated beforehand.
Analysts said the ceasefire shifted the market focus from geopolitics to economic issues and US domestic policy.
Source : Newsmaker