US-Iran war ends: Oil prices plunge, stock market rally

 

 

 

P P Cherian

Washington DC: Crude oil prices in the global market fell sharply following reports that the war between the US and Iran is in its final stages. US crude oil prices fell by as much as 15% to $88 per barrel. With this, stock markets around the world made huge gains; the S&P 500 and Nasdaq indices closed trading at record highs.

The Iranian Navy said that it would ensure safe shipping through the Strait of Hormuz. Despite reports that a memorandum of understanding for a peace deal is being prepared, President Donald Trump responded by saying that Iran will not sign the agreement without full concessions.

For the first time since the war began, the price of gasoline in the United States has crossed $4.50 per gallon. If the current negotiations are successful, there is hope that there will be a huge reduction in fuel prices.