Market reaction
UK-listed mining and airline stocks climbed on Monday after officials in Washington and Tehran said they had agreed a peace accord aimed at ending the recent Middle East conflict and reopening the Strait of Hormuz. The announcement triggered a sharp fall in oil prices, with benchmark grades sliding to their lowest point in about two months.
Oil prices
Brent crude fell more than 5% toward $82 per barrel, while West Texas Intermediate (WTI) dropped over 5% to roughly $80 per barrel. The move followed comments by U.S. President Donald Trump that oil shipments from the Persian Gulf could soon resume and that a U.S. blockade on Iranian ports may be lifted.
Diplomatic confirmation
Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed that a deal had been reached and said the text of the agreement would be published after a signing ceremony in Switzerland. The reported terms include measures to dismantle Iran’s nuclear program and financial incentives tied to Tehran meeting its commitments.
Supply implications
Oil markets have been disrupted since the outbreak of the conflict in late February. The near-closure of the Strait of Hormuz had affected about one-fifth of global oil shipments, according to a market report referenced in the original coverage, and the prospect of reopening the strait has driven prices lower.
Sector performance in London
Mining names such as Fresnillo, Endeavour Mining and Anglo American traded higher, recording gains in a range between 1.8% and 6.9%. Airline stocks also rose, with Wizz Air, Jet2 and EasyJet up between 1.4% and 6.2% as of 04:48 ET (08:48 GMT).
Analytic and advisory note
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Contextual caveats
Details of the agreement are to be released after the formal signing in Switzerland, and market responses reflect the current statements by U.S. and Iranian officials. Trading patterns in oil, mining and airline shares moved on the reported diplomatic progress and the potential resumption of Persian Gulf shipments.
Note: Times and percentage moves reported above reflect market levels and trading activity cited at 04:48 ET (08:48 GMT) in the original reporting.