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Global stocks surge and oil slides on Iran peace deal report
Key takeaways
- The report by news outlet Axios said the U.S. expected Iranian responses on several key points in the next 48 hours.
- Brent crude , the global benchmark, dropped 7.5% to $101.70 per barrel.
- The Iran war has all but closed the Strait of Hormuz, through which 20% of global energy normally flows, so a peace deal could alleviate some of the pain for oil and gas markets.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize LONDON: Global stocks leapt and oil prices dropped on Wednesday after a report said the White House believed it was closing in on a memorandum to end the war with Iran, while momentum in AI-driven trades accelerated.
The report by news outlet Axios said the U.S. expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday.
Brent crude , the global benchmark, dropped 7.5% to $101.70 per barrel.
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