Oil price drops, shares jump as Trump announces Israel-Iran ceasefire
Iran's foreign minister denied that an official ceasefire agreement had been reached, but noted that Tehran would not continue its attacks as long as Israel halted its 'aggression'. At the time of writing, Israel had yet to comment.
The truce, which Trump is labelling the end of the '12-day war', came after Iran attacked a US base in Qatar on Monday, retaliating against the US bombing of its nuclear sites over the weekend.
In response to Tuesday's development, oil prices dropped as fears over a blockage to the Strait of Hormuz subsided.
About 20% of global oil and gas flows through this narrow shipping lane in the Gulf.
Brent crude, the international standard, dropped 2.92% to $69.39, while WTI dropped 3.18% to $66.35.
Last week, Brent reached over $78 a barrel, a level not seen since the start of this year.
Looking to the US, S&P 500 futures rose 0.58% to 6,112.00 on Monday, while Dow Jones futures increased 0.51% to 43,118.00.
Australia's S&P/ASX 200 jumped 0.89% to 8,550.10, South Korea's Kospi rose 2.75% to 3,097.28, and the Shanghai Composite index climbed 1.07% to 3,417.89.
Hong Kong's Hang Seng rose 2% to 24,162.70 and the Nikkei 225 increased 1.16% to 38,796.39.
The US Dollar Index slipped by 0.32% to 98.10. The euro gained 0.25% against the dollar while the yen dropped 0.48% in comparison to the greenback.
Economists had suggested that persistent threats to oil would increase the value of the US dollar and hurt other currencies such as the euro, notably as the US economy is more energy independent.
Greg Hirt, chief investment officer with Allianz Global Investors, told Euronews earlier this week that although the dollar may see a short lift on the Iran-Israel conflict, 'structural issues around a twin deficit and the Trump administration's volatile handling of tariffs should continue to weigh on an overvalued US dollar'.
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But when they saw the videos of the incident, corroborated by witnesses, Boteach said the officers admitted he was the victim and made him sign a statement. 'At the end of the two hours, the supervising officer who had been unnecessarily cold and even threatening to me, came to the interview room and was warmer. Perhaps he had googled me. I don't know," Boteach said. "He explained that he was also a minority who had immigrated to Austria. He said he understood the threat to the Jewish community. He and I shook hands. But why then did they treat me for hours as a would-be criminal,' he asked. A spokesperson for the Austrian police told Israeli news agency JNS on Sunday that 'a brief disturbance occurred involving one person" and that "police officers on site prevented any further confrontation." Investigation is currently under way on suspicion of attempted assault and property damage by unknown perpetrators, the spokesperson explained. 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Another survey by US campaign group the Anti-Defamation League from January has found that around half of the world's adult population holds deeply entrenched antisemitic attitudes, double the number from a decade ago. In some European countries, as many as four-fifths of the adult population believe in tropes such as that Jews control the media and business, or are responsible for most wars. Even prior to the war, antisemitism was present on European soil. According to a survey carried out by the EU Agency for Fundamental Rights before the war started, 96% of respondents said they experienced antisemitism in Europe between January and June 2023. Considered by US media as 'the most famous Rabbi in America', Boteach decried his ordeal in Europe as a warning. 'Vienna must choose: Will it be the city of Mozart, of Schubert, of Mahler — or will it remain the city where Jews are attacked in the streets and statues of Jew-haters stand tall?,' he said, adding that he reached out to his 'friends at the highest levels of the American government and the Trump cabinet' because 'if Austria allows such attacks to pass without serious consequences, it is sending a clear message to its Jewish community: you are on your own.' 'In city after city, from Paris to London to Brussels, anti-Israel rallies have become open calls for violence against Jews," he explained. "The world looks away. The police stand back — or, as in my case, turn their suspicion on the victim," Boteach concluded.
