Oil slides, stocks jump amid Iran-Israel ceasefire uncertainty
LONDON: Oil prices sank and stock markets jumped Tuesday, even as uncertainty reined over a Israel-Iran ceasefire.
In volatile trading, crude futures slumped more than five per cent after US President Donald Trump's declaration of a ceasefire.
The oil market went on to reduce its losses, however, as Israel and Iran accused each other of breaking the ceasefire -- news confirmed by Trump.
The president berated the two sides, adding that he was "really unhappy" with Israel in particular.
Despite tensions igniting once more, oil prices were still down more than three per cent by early afternoon trading in Europe.
"Investors are reacting with relief to apparent news of a US-brokered ceasefire between Iran and Israel," noted AJ Bell investment director Russ Mould.
"Gold slipped back as its safe haven attributes were less in demand," Mould said, adding that the news weighed on share prices of oil producers and miners.
The dollar retreated against main rivals after Trump once more demanded that the US Federal Reserve cut interest rates in a bid to boost the world's biggest economy.
Escalating tensions in the Middle East has removed some focus from Trump's tariffs war, which threatens to dampen global economic growth.
In Germany, where the DAX stocks index rallied 1.9 per cent, Chancellor Friedrich Merz urged Iran and Israel to follow the ceasefire announced by Trump.
"We call on both Iran and Israel to heed this call from the American president," Merz told parliament.
"If this ceasefire succeeds... then it will be a very positive development that can make the Middle East and the world safer."
French President Emmanuel Macron said Tuesday that the situation surrounding Iran remained "volatile and unstable".
There are fears that Iran could shut the Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply.
Rystad Energy analyst Jorge Leon told AFP that he believed the risk of the waterway shutting had diminished despite Iran launching missiles at a US base in Qatar in retaliation for American strikes on Tehran's nuclear facilities.
Trump dismissed the attack as "very weak", and said Iran gave "early notice", adding no one was hurt or killed.
"I think the risk of closing Hormuz now has diminished rapidly because US and Iranian tension is already over," Leon argued.
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