Yahoo Finance
stocks rallied to their best day in two months, and oil prices fell Thursday after President Donald Trumpcalled off his threat to bomb Iranin the evening.
That raised hopes for a potential deal that could get the global flow of oil going again.
The S&P 500 jumped 1.8%, coming off aback-to-back dropthat had yanked it back to where it was in early May.
The Dow Jones Industrial Average leaped 929 points, or 1.9%, and the Nasdaq composite rallied 2.5%.
Stocks immediately veered higher in midday trading after Trump said on his social media network that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved” and that the time and place of a signing will “be announced shortly.” A deal to end the war with Iran could reopen the Strait of Hormuz and allow oil tankers to carry crude again from the Persian Gulf to customers worldwide.
Brent crude, the international standard, fell 2.9% to $90.38, though it’s still above its roughly $70 price from before the war.
Worries had been high because the United States and Iran launched attacks over the past several days threatening a more than monthlong tenuous ceasefire.
High oil prices caused by the Iran war have sent inflation painfully upward, and a report on Thursday showed that prices at the U.S.
wholesale levelincreased by more in Maythan economists expected.
The effect is worldwide, and theEuropean Central Bankon Thursday became the first major central bank to raise interest rates in response.
But they alsoslow economiesand undercut prices for all kinds of investments, including stocks and cryptocurrencies.
They hit investments seen as the most expensive in particular, and some critics are calling theartificial-intelligenceindustry a bubble where investment inflated too far.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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