Oil drops, stocks rally after US-Iran ceasefire eases supply fears
Oil prices fell sharply and global stocks rallied after the United States and Iran agreed to a two-week ceasefire, easing concerns over disruptions to energy supplies.
Brent crude dropped about 15% to below $95 a barrel after Tehran said it would allow ships two weeks of safe passage through the Strait of Hormuz, a key route for global oil flows, the Financial Times reported.
Europe’s STOXX Europe 600 rose nearly 4%, while Germany’s DAX gained 5% and London’s FTSE 100 climbed 3%.
Asian shares also advanced, while US markets were set to open higher. US Treasuries rose as investors reacted to the easing of tensions.
