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The price of oil dipped and Asian and European stock markets moved higher after reports that Donald Trump had sent a 15-point framework for peace to Iran, alongside hopes of a ceasefire in the Middle East.
Sentiment was also supported by reports that Iran had announced it was permitting “non-hostile” ships to pass safely through the Strait of Hormuz, a development that could help reopen a vital shipping lane.
Oil prices fell by 4% in the early hours of Wednesday, with Brent crude dropping below $100 (£75) a barrel. The move reflected expectations that an end to the conflict could ease pressure on oil supply.
Later, oil prices began to climb again to around $100 as signals on the status of US-Iran negotiations remained mixed. Tehran denied that any talks had taken place since the start of the bombing campaign.
Asian stock markets advanced in morning trading. Japan’s Nikkei rose by 2.9%, India’s S&P BSE Sensex was almost 2% higher, and Hong Kong’s Hang Seng was just under 1% up.
European markets rose as well. London’s FTSE 100 was up by almost 1%, Germany’s Dax was trading 1.6% higher, and France’s Cac 40 climbed by 1.4%.
Iran’s effective closure of the Strait of Hormuz, at its southern border, has largely halted global shipments of oil and gas through a channel that normally carries 20% of global supplies. The International Energy Agency has described the resulting disruption as the largest ever to oil supply.
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