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Disruption to petrol supplies has been caused by Iran\u2019s stranglehold on oil tankers passing through the key international shipping route in the Straight of Hormuz (Jonathan Brady\/PA) \u00b7 Jonathan Brady <\/p>\nOil prices have eased back and global financial markets rebounded on the latest hopes of a resolution to the Middle East conflict on reports of a 15-point ceasefire plan offered by the Trump administration to Iran.<\/p>\n
Brent crude fell back below 100 US dollars a barrel, down 6% at 98.23 dollars in morning trading on Wednesday, while UK natural gas prices fell 8%.<\/p>\n
Stock markets rallied higher in tandem, with the FTSE 100 Index in London up over 1% within the first hour, ahead 103.6 points at 10068.22.<\/p>\n
In Europe, the Dax in Germany surged 1.6% while France\u2019s Cac 40 was 1.5% ahead, following big overnight gains on Asian markets.<\/p>\n
Energy costs and stocks have seen turbulent trading in recent days, buffeted about by each piece of news on the latest developments in the Middle East.<\/p>\n
The latest falls come after reports that Donald Trump\u2019s 15-point plan had been submitted to Iranian officials by intermediaries from Pakistan, who have offered to host renewed negotiations between Washington and Tehran.<\/p>\n
But Iranian officials denied any negotiations were taking place in another defiant statement, insisting the Americans were only negotiating with themselves.<\/p>\n
The ceasefire hopes come as the US military is preparing to call up at least 1,000 more troops to add to the 50,000 already in the region.<\/p>\n
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: \u201cOil prices have moved lower on the developments, offering some relief to equities that had been weighed down by worries over inflation and the knock-on impact for interest rates.<\/p>\n
Disruption to petrol supplies has been caused by Iran\u2019s stranglehold on oil tankers passing through the key international shipping route in the Straight of Hormuz (Jonathan Brady\/PA) \u00b7 Jonathan Brady <\/p>\n
\u201cIt\u2019s still a highly fluid situation, trying to call how the rest of the week plays out would be unwise, but there are now clearer signs that we are on a path toward de-escalation.\u201d<\/p>\n
But experts said energy and stock markets would remain highly volatile.<\/p>\n
Richard Hunter, head of markets at interactive investor, said: \u201cIt would be premature to call a recovery being in place for the UK\u2019s premier index, although the FTSE 100 has at least crept back into positive territory for the year so far.<\/p>\n
\u201cA gain of 1.2% is however almost 8% away from the recent record high recorded at the end of February and underlying pressure remains in place.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices have eased back and global financial markets rebounded on the latest hopes of a resolution to…\n","protected":false},"author":2,"featured_media":35229,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[15814,13187,34,1612,261,722,570],"class_list":{"0":"post-35228","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-iran","8":"tag-asian-markets","9":"tag-ftse-100-index","10":"tag-iran","11":"tag-natural-gas-prices","12":"tag-oil-prices","13":"tag-president-trump","14":"tag-stock-markets"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116289196785100038","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/35228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=35228"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/35228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/35229"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=35228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=35228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=35228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}