Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation.

Oil prices briefly fell under $100 US on Wednesday on hopes that Iran and the U.S. could make a peace deal, before rising again just over that mark. International markets soared…

Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance