US President Donald Trump stated the US and Iran had held 'productive conversations' aimed at ending the conflict in the Middle East. Despite Tehran denying any talks, oil prices fell sharply, and European stocks rebounded. Crude futures plunged more than 14%, reflecting Trump's claims on Truth Social. However, prices later stabilized around an eight percent decline as Iran denied negotiations.
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. (Photo: REUTERS/Francis Mascarenhas)
Analysts suggested that markets may calm down if further diplomatic progress occurs, but the situation remains uncertain. Wall Street's main stock indices rose at least one percent, and the dollar weakened against major currencies.