Oil price fall quickens as both US and Iran pull back from war escalation

Oil prices have plunged Wednesday as Global Markets welcome signs of de-escalation between the U.S. and Iran.

Oil price began to slide after Axios, as US media outlet reported that the two countries were close to an agreement.

Hours earlier, President Trump paused “Project Freedom,” his push to reopen the Strait of Hormuz, to see whether a deal could be worked out, citing “great progress.”

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Brent and U.S. crude futures are more than 7% lower, accelerating an earlier decline. The recent drop in oil prices isn’t translating to any relief at the pump for Americans, though: The average price of a gallon of regular gasoline ticked up to $4.54 a gallon today, compared with less than $3 when the war started, AAA figures show.

U.S. stocks look set to open sharply higher, powered by optimism that a negotiated end to the Middle East war can be reached and a global tech-led rally.

The mood is buoyant overseas too, with Asian markets notching gains and European stocks rallying.