Islamabad (Commerce Desk): Global oil prices have declined while Asian stock markets have shown significant improvement, with analysts attributing the trend to a reported peace agreement between the United States and Iran.
According to Arab media reports, the price of Brent crude oil fell by 2.3%, bringing it down to around $77.73 per barrel. Previously, prices had surged above $81 per barrel due to regional tensions.
Following the agreement, investor confidence increased, leading to a positive trend in Asian stock markets. Japan’s Nikkei 225 and South Korea’s KOSPI reached record levels, rising by 2% and 1.7% respectively.
Taiwan’s market also recorded a 1.3% increase, while Hong Kong’s Hang Seng Index declined by 1.7%. Meanwhile, US stock futures also showed an improvement of up to 1.3%.
Reports suggest that under the agreement, the opening of the Strait of Hormuz and the lifting of maritime restrictions have been discussed. However, shipping companies say the situation is still not fully clear, and some uncertainty remains in global trade.