Wary markets rally on reports of talk with Iran
Financial markets experienced a cautious relief after President Donald Trump announced that the US has talked with Iran about a possible end to their war, leading to a rise in stock prices and a fall in oil prices. The announcement came after a weekend of threats from Trump, including a warning to 'obliterate' Iran's power plants if it doesn't open up the Strait of Hormuz within 48 hours.
President Donald Trump announced that the US has talked with Iran about a possible end to their war. Oil prices fell, with Brent crude down 10.9% to $99.94. The S&P 500 climbed 1.1% and the Dow Jones Industrial Average rose 631 points. Iran denied that talks took place, but Turkey and Egypt said they had spoken to the warring parties. The price of Brent crude fell as low as $96 before recovering. Financial markets have had vicious swings since the war began due to uncertainty about its duration.
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