JAKARTA - Oil prices fell more than 4% and stocks rose as new hopes for a diplomatic breakthrough in the Middle East after President Donald Trump canceled plans for an attack on Iran, saying a peace deal was imminent.
Although Trump has repeatedly expressed this prospect before - and Iran has not confirmed that it will agree to the pact - investors are taking advantage of the US president's comments that a signing ceremony could be held in Europe as soon as this weekend, attended by Vice President JD Vance.
Reported by CNN, Friday, June 12, Brent crude, the global oil benchmark, fell 4.4% to $86.53 a barrel, the lowest since mid-April. West Texas Intermediate crude, the US benchmark, traded 4.5% lower.
Lower oil prices have helped lift stock markets. European shares were all up more than 1.5% after strong gains in Asia, where South Korea's KOSPI led the way with an 8% surge.
Wall Street futures showed a slightly stronger start, with all eyes on Elon Musk's SpaceX which will start trading after a record-breaking initial public offering.
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