Oil prices plunged after Trump announced a 15-point peace plan to end Iran-Israel tensions.
As reported, the prices fell today, ending their gaining streak, after industry body data indicated a rise in US crude inventories.
The traders also weighed the hawkish remarks from Fed Chair Jerome Powell that signaled slower rate cuts this year.
Markets in Asia and Europe move higher, while crude hovers at about $100 a barrel amid cautious optimism.
The oil prices had fallen by 4% in the early hours of Wednesday, with Brent crude futures sinking below $100 a barrel and even moving as low as $97.57 as trading was influenced by the prospect of an end to the conflict easing the squeeze on oil supply.
The Asian stock markets moved higher in morning trading. Japan’s Nikkei rose by 2.9%, while the S&P BSE Sensex in India was almost 2% higher and Hong Kong’s Hang Seng was just under 1% up.
Additionally, European markets also rose in early trading. The FTSE 100 in London was up by almost 1%, while Germany’s Dax was trading 1.8% higher and France’s Cac 40 climbed by 1.5%.
