Stocks rise and oil dips on hopes of 15-point Iran peace plan

Key Points:

• Oil prices fell by 4%, with Brent crude dipping below $100 a barrel, following reports that the US sent a 15-point peace framework to Iran and Iran allowed "non-hostile" ships safe passage through the Strait of Hormuz, raising hopes for a ceasefire in the Middle East.
• Global stock markets responded positively, with significant gains in Asia, Europe, and the US, including Japan’s Nikkei rising 2.9% and the Dow Jones increasing by 1.1%.
• Despite initial declines, oil prices later stabilized around $100 amid mixed signals about US-Iran negotiations, as Iran denied any talks since the war began; the closure of the Strait of Hormuz has caused the largest disruption to oil supply in history, with only a fraction of typical vessel traffic passing through.
• The disruption to the Strait of Hormuz also threatens global food security due to its impact on fertilizer shipments, which are critical for food production, according to the WTO deputy director general.
• BlackRock CEO Larry Fink warned that a prolonged Middle East conflict could push oil prices to $150 a barrel, potentially triggering a global recession and significantly affecting the global economy.