Wall Street soars, oil plunges as China calls for comprehensive ceasefire in Iran-US war
AP News • • general
Key Points:
- Wall Street markets surged with S&P 500 futures up 1%, Dow Jones futures up 1.2%, and Nasdaq futures rising 1.7% following China’s call for a comprehensive ceasefire in the Iran war.
- U.S. crude oil prices plummeted over 13% to $88.88 per barrel after China’s foreign minister expressed distress over the conflict and Iranian officials traveled to China ahead of a U.S.-China summit.
- The White House is reportedly close to securing a one-page agreement with Iran involving a uranium enrichment moratorium, lifting U.S. sanctions, releasing frozen funds, and reopening the Strait of Hormuz.
- Energy stocks like Chevron and Exxon Mobil fell nearly 5% due to declining oil prices, while major U.S. airlines gained over 6% on prospects of lower jet fuel costs.
- Global markets also rallied, with European indices rising around 1.5-1.9%, South Korea’s Kospi surging 6.5% driven by strong AI growth expectations, and gains in Australian, Hong Kong, and Shanghai markets.
