Oil prices tumbled on Thursday again after US President Donald Trump and his Iranian counterpart signed off on a deal to end their war and reopen the Strait of Hormuz.
The news boosted optimism for a lasting peace between the two nations after more than three months of war that has rattled energy markets and fuelled a fresh spike in inflation.
However, the upbeat mood on trading floors was tempered by expectations that the US Federal Reserve will hike interest rates before year’s end, after its new boss held his first policy meeting and acknowledged “persistently high prices are a burden for the American people”.
Trump put his signature to the memorandum of understanding in Versailles after a G7 summit, telling reporters: “Just signed it.”
Iranian foreign ministry spokesman Esmaeil Baqaei, quoted by state news agency IRNA, said the document “was finalised with the signatures of the presidents”.
