Trump Cancels Iran Attack, Oil Prices Plummet 6%

Oil prices plummeted by over 6% after former U.S. President Donald Trump reportedly canceled a planned attack on Iran to pursue a nuclear deal.

This decision appears to have eased geopolitical tensions, leading to a risk-on sentiment in U.S. equity index futures.

The S&P 500 futures rose 0.4%, while Nasdaq futures advanced by 0.6%, indicating optimism in financial markets.

Historical patterns suggest that easing tensions often lead to declines in oil prices, and market participants seem to interpret this as a reduction in immediate geopolitical risks affecting oil supply.