Oil prices dipped after US President Donald Trump's latest words fuelled hopes a for renewed peace talks with Iran. At the same time, stock markets and especially tech stocks were benefiting from the ongoing positive investment sentiment fuelled by growth related to AI. Oil prices retreated on Wednesday morning amid hopes of an end to the war with Iran, after US President Donald Trump said Washington would temporarily pause “Project Freedom”, its naval mission escorting ships through the Strait of Hormuz, citing “great progress” in talks with Tehran. In a post on Truth Social, Trump said, “While the blockade will remain in full force and effect, Project Freedom (the movement of ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the agreement can be finalised and signed.” The Strait of Hormuz has been effectively closed since the conflict began on 28 February, disrupting around one-fifth of global oil and gas supplies and leaving more than 20,000 people stranded aboard ships in the Persian Gulf. US military officials have previously said a ceasefire with Iran was in effect, although uncertainty over the situation remains. Crude oil futures fell late on Tuesday. International benchmark Brent crude for next-month delivery dropped 1.3% to $108.47 a barrel on Wednesday morning, while US benchmark West Texas Intermediate fell $1.37 to $100.90 a barrel. Prices nevertheless remain well above the roughly $70 levels seen before the outbreak of the war. Equity markets rally as Samsung tops $1tn valuation on AI boom Global equity markets climbed on Wednesday, with gains across Asia and positive signals from European futures, as investor optimism around artificial intelligence and easing geopolitical tensions boosted sentiment. By 7 a.m. CEST, futures for European stocks were pointing higher, with the EURO STOXX 50 up around 1%. In Asia, South Korea’s Kospi surged nearly 7% to a record high after markets reopened following Tuesday’s holiday. The rally was led by Samsung Electronics, whose shares jumped almost 13%, pushing the company’s market value above $1 trillion for the first time. Samsung, alongside rival SK Hynix, has emerged as a major supplier of high-performance chips powering the global AI boom. Shares in SK Hynix also rose around 10% in early trading. Elsewhere in Asia, Australia’s S&P/ASX 200 gained nearly 1%, while Hong Kong’s Hang Seng rose 0.7% and Shanghai’s Composite index added 1%. Japanese markets remained closed for a public holiday. US stocks also closed higher on Tuesday, with the S&P 500 rising 0.8% to a fresh record high. The Dow Jones Industrial Average gained 0.7%, while the tech-heavy Nasdaq Composite advanced 1% to another all-time high. Markets were also supported by hopes of progress in talks aimed at ending the US-Iran conflict, helping ease concerns over energy supplies and global trade disruption. Economic data from the US painted a mixed picture. Growth in the services sector slowed unexpectedly last month, while separate figures showed job openings were slightly stronger than forecast, signalling continued resilience in the labour market. Meanwhile, UK government borrowing costs climbed to their highest level in nearly three decades amid concerns over local elections and rising energy prices. Yields on 30-year gilts rose to 5.78%, their highest level since 1998, while 10-year yields climbed above 5.10%. In currency markets, the dollar was little changed at 157.88 yen, while the euro edged higher to $1.1720. Gold futures rose 2% to $4,662 an ounce, while silver prices climbed 3.5% in European morning trading.
Oil prices dipped after US President Donald Trump's latest words fuelled hopes a for renewed peace talks with Iran. At the same time, stock markets and especially tech stocks were benefiting from the ongoing positive investment sentiment fuelled by growth related to AI. Oil price…
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.