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Global markets extended gains Thursday as optimism over a possible agreement between the United States and Iran boosted investor confidence, while oil prices continued to ease amid expectations that tensions around the Strait of Hormuz could decline.
Both international benchmark Brent crude and U.S. benchmark WTI fell a further 2% to $99 and $92.8 per barrel, respectively, as of 7:30 a.m. GMT, following Wednesday’s sharp retreat of more than 10%.
Asian markets mirrored gains seen on Wall Street after major U.S. indices advanced on Wednesday, led by technology shares.
Japan’s Nikkei 225 climbed 5.6%, surpassing the 63,000-point level during the session for the first time, while South Korea’s KOSPI rose 1.4% and briefly traded above 7,500 points. Hong Kong’s Hang Seng Index added 1.6%, and China’s Shanghai Composite gained 0.5%.
The pan-European STOXX 600 opened 0.1% higher, while Germany’s DAX rose 0.3% and France’s CAC 40 gained 0.7%, whereas the U.K.’s FTSE 100 slipped 0.5%.
Precious metals also moved higher during Thursday trading. Gold rose 1% to $4,740 per ounce, while silver climbed 3% to $79.6. Palladium and platinum gained 1.2%, rising to $1,550 and $2,080 per ounce, respectively.
In cryptocurrency markets, Bitcoin edged up 0.2% to $81,540, while Ethereum fell 1.1% to $2,340.
The rally took off after U.S. President Donald Trump signaled on Wednesday that negotiations with Iran had made progress over the past 24 hours and that a deal remained "very possible."
He warned, however, that military strikes could resume at a "much higher level and intensity" if Tehran rejects the proposed terms.
According to Axios, U.S. and Iranian officials were close to agreeing on a one-page memorandum intended to halt the conflict, reopen the Strait of Hormuz and establish a framework for broader nuclear negotiations.
Iran had not formally responded to the proposal as of Thursday morning. Foreign Ministry spokesperson Esmaeil Baqaei stated that the offer was still under review, while CNN reported that Tehran’s response was expected later in the day.
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