Oil Prices Plummet Amid US-Iran Tensions Easing

Global markets have reacted with relief as tensions between the US and Iran ease.

The two nations have paused their hostilities while discussing a possible resumption of negotiations on an interim ceasefire deal, allowing oil prices to drop nearly 7% to $83.06 per barrel for U.S. benchmark crude.

This decline loosened the geopolitical knot that had been tightening around equities, currencies, bonds, and central banks for most of July, according to Stephen Innes of SPI Asset Management.