Commodities
US-Iran Ceasefire Sends Oil Prices Plummeting
Oil prices plummeted on July 27 as news broke that the US and Iran have paused their fighting, leading to a surge in U.S. equity markets.
The Brent crude oil price dropped nearly 8% to $89.33 per barrel, while West Texas Intermediate (WTI) crude oil fell by 7% to $83.20 per barrel.
Major US stock indices saw significant gains, with the Dow Jones Industrial Average rising over 500 points in premarket trading and the Nasdaq Composite up 435 points or 1.35%.
The sudden shift in market sentiment follows reports that the US and Iran have halted their fighting and plan to resume peace talks.