Oil prices ease and stocks jump after Trump says Iran is talking with the U.S., despite Iran’s denials
BNN Bloomberg
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Oil prices are falling sharply, and stock prices are jumping on Wall Street following severe losses elsewhere in the world before Trump’s announcement.
The S&P 500 leaped 1.4 per cent toward its best day since well before the war began. The Dow Jones Industrial Average rose 832 points, and the Nasdaq composite rose 1.7 per cent. Crude oil prices plunged almost eight per cent. Asian markets closed lower overnight, and European markets were higher.
Oil prices also immediately reversed course, sinking as much as 10 per cent at one point. Benchmark U.S. crude slid US$5.38 to $92.85 a barrel. Brent crude, the international standard, tumbled $5.94 to $106.25 a barrel.
Trump’s post on social media about the strikes came as the war with Iran enters its fourth week.
Markets in Europe also jumped higher after being down as much as two per cent earlier.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.