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FTSE 100 up and oil prices down after US-Iran peace deal

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleOil prices experienced a significant decline, with benchmark Brent crude falling over 5% to just over 82 US dollars a barrel, reaching its lowest point in more than three months, following an announcement of a peace deal between the US and Iran. The proposed agreement, announced by Donald Trump, aims to facilitate the reopening of the crucial Strait of Hormuz, a vital shipping route for a fifth of the world's oil and gas supplies, which has been effectively closed since late February due to conflict. Global stock markets reacted positively to the news, with London's FTSE 100 Index, Europe's Cac 40, and Germany's Dax all seeing gains, as investors anticipated an easing of inflationary pressures. Despite the positive market reaction, experts caution that the full reopening of the Strait of Hormuz and the resumption of normal energy flows will likely be slow, due to extensive damage to oil infrastructure in the Gulf region requiring months of repair. The fall in energy prices is expected to alleviate some inflationary concerns for central banks, including the Bank of England, ahead of its upcoming interest rate decision, though some nervousness persists given previous false starts in the peace process. Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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