Oil prices rise despite US-Iran ceasefire extension, European stocks fall amid Mideast uncertainty
via Punch Nigeria2 min read
Oil prices increased on Wednesday, with Brent North Sea crude nearing $100 a barrel and West Texas Intermediate trading above $90, despite a ceasefire extension between the US and Iran. European stock markets, including the FTSE 100, CAC 40, and DAX, saw declines due to ongoing uncertainty surrounding Mideast peace talks. Asian equities experienced mixed trading as investors awaited clarity on the conflict. Susannah Streeter, chief investment strategist at Wealth Club, noted that the ceasefire extension has not calmed nerves, as worries persist about the energy squeeze's impact on the global economy and the elusive resolution to the conflict. Iranian gunboats reportedly attacked a container ship in the Strait of Hormuz, even after US President Donald Trump announced the ceasefire extension to allow more time for negotiations. Trump stated that the US blockade of Iran's ports would continue while Pakistani mediators attempt to revive dialogue. The Strait of Hormuz has been largely closed by Tehran since attacks by the United States and Israel seven weeks ago, which led to the Middle East war and rising energy prices, threatening global economic growth. Christopher Wong, a strategist at Oversea-Chinese Banking Corp., suggested that the US and Iran might be seeking leverage, and the interim suspense could curtail risk appetite. Meanwhile, senators held a confirmation hearing for Kevin Warsh, Trump's nominee to replace Federal Reserve boss Jerome Powell. Warsh affirmed his indepe
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