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 and Wall Street posted more gains, with the S&P 500 and Nasdaq both reaching new highs.

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