Global markets and oil prices reversed course on Tuesday after President Trump signaled progress in peace talks with Iran, easing investor fears of a broader Middle East conflict.
Oil Retreats
US West Texas Intermediate crude fell roughly 4% from Monday's peak to $91.3 per barrel. Brent crude also dropped about 4% to $97.2 per barrel. The retreat follows a Monday spike triggered by Iran suspending talks and threatening to close the Strait of Hormuz.
Markets Rally
European markets opened higher: the Euro Stoxx 50 and Stoxx 600 both gained about 0.9%. Germany's DAX led with a 1% rise; the FTSE 100, CAC 40, and FTSE MIB gained between 0.6% and 0.9%. US futures were flat ahead of the open.
Asia-Pacific Gains
South Korea's Kospi surged 2.6%, recovering Monday's losses. Japan's Nikkei 225 dipped 0.5%. Australia's S&P/ASX 200 rose 0.7%. Hong Kong's Hang Seng jumped 2.5%, and China's CSI 300 climbed 1.5%.