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Oil tumbles and stocks rise as Iran tension eases

Front-month Brent fell 7.0% to $83.77 a barrel, while the Dow hit a record close as markets also tracked Japan and the United States’ yen-buying intervention.

Reported · Written up by our desk · North America

Oil prices dropped and major stock indexes rose on Monday as signs suggested U.S. and Iran tensions were easing, while investors watched for any further steps in currency markets, LiveMint Markets reported. Brent futures for the front month fell $6.35, or 7.0%, to settle at $83.77 a barrel, and U.S. West Texas Intermediate crude dropped $4.33, or 5.1%, to $80.34. Equities gained momentum alongside expectations for earnings, with LiveMint Markets noting that more than 300 S&P 500 companies have reported so far, and roughly 85% have beaten expectations based on LSEG data. The Dow registered a record closing high, rising 693.38 points, or 1.32%, to 53,178.41, while the S&P 500 climbed 110.78 points, or 1.48%, to 7,600.50, and the Nasdaq Composite gained 540.04 points, or 2.13%, to 25,913.90. The report also highlighted currency and deal developments, with the yen strengthening after the U.S. and Japan confirmed joint intervention to support the currency. Separately, AstraZeneca fell as investors reacted to reports of merger talks with U.S. rival Bristol Myers Squibb, which could create a drugmaker with combined value nearing $400 billion.

Latest closeWTI crude $80.00 ▼5.5%|Brent $83.63 ▼7.2%|S&P 500 7,600.50 ▲1.5%

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