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Oil slipped Friday as growing hopes for a U.S.-Iran agreement lifted stocks and precious metals after fresh military exchanges earlier this week threatened to derail peace efforts.
International benchmark Brent crude fell more than 1% to $95.1 a barrel and U.S. benchmark WTI dropped to $87.5 as investors weighed whether a potential deal could restore normal shipping through the Strait of Hormuz.
Equities across Asia mostly pushed higher, with Japan’s Nikkei 225 rising 2.5% and South Korea’s Kospi gaining 3.2%, while Hong Kong’s Hang Seng added 0.8%. China’s Shanghai Composite was the lone major laggard, slipping 0.9%.
In Europe, the Stoxx 600 edged up 0.1%, Germany's DAX gained 0.2%, France’s CAC 40 rose 0.4% and Spain’s IBEX 35 advanced 0.6%. U.S. stock futures also pointed higher, with major indexes up around 0.1%.
Gold moved back above the $4,500 mark, while silver reclaimed the $75 level. Palladium rose 0.8% to $1,380 per ounce and platinum added 0.2% to reach $1,920 per ounce.
Cryptocurrencies recovered part of their sharp losses from the previous session. Bitcoin gained 1% to $73,680, while ethereum rose 2% to $2,010.
Market confidence improved despite a fresh round of military action earlier in the week. Hopes for a diplomatic resolution had weakened after U.S. strikes on Iran on Wednesday night and retaliatory action by Iran’s Revolutionary Guard, which targeted an American airbase in the region.
By Thursday evening, however, negotiators had moved closer to an agreement that would extend the fragile ceasefire for 60 days, according to reports. The proposal still requires approval from U.S. President Donald Trump.
U.S. Vice President J.D. Vance indicated that Washington and Tehran were nearing a Memorandum of Understanding that could prolong the ceasefire and open the door to nuclear negotiations.
"We're not there yet, but we're very close, and we're going to keep on working at it," Vance told reporters at Joint Base Andrews after returning from the Air Force Academy.
He noted that discussions were continuing over several unresolved issues and that it remained uncertain whether Trump would approve the agreement.
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