Trump says Iran war "close to over" amid hopes for more negotiations
Investing.com -- European energy stocks tumbled as the oil prices plunged on Wednesday after the United States and Iran agreed to a conditional ceasefire, easing a conflict that has lasted more than five weeks and killed more than 5,000 people across nearly a dozen countries, including over 1,600 civilians in Iran.
Shell shares fell more than 6%, BP dropped around 8%, TotalEnergies slid roughly 5.4%, and Eni slumped 7.2% by 07:22 GMT. Galp and Repsol were also lower, down around 6.2% and 8%, respectively, while Maurel et Prom sank as much as 18.7%.
The sharp retreat comes after Brent crude plunged 13% to $94.80, trading at its lowest level since March 25, after touching an intraday low of $91.70. WTI fell nearly 15% to $96.21.
Broader equity markets moved in the opposite direction. The FTSE 100 rose 2.7%, Germany’s DAX gained nearly 5%, France’s CAC 40 added 3.4%, and Europe’s Stoxx 600 jumped 3.6%.
Equities in the U.S. also moved higher, with the S&P 500 futures rising 2.6% to 6,828.50. Elsewhere, stocks across Asia closed higher, with Japan’s Nikkei rising 5.4%, while China’s CSI300 and Hong Kong’s Hang Seng gained 3.4% and 3.1%, respectively.
The de-escalation followed an announcement by U.S. President Donald Trump late Tuesday that he had agreed to suspend planned attacks on Iranian infrastructure for two weeks.
The move was "subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz," he wrote on Truth Social.
Iranian Foreign Minister Abbas Araghchi said on behalf of the country’s Supreme National Security Council that Tehran’s armed forces will "cease their defensive operations."