Oil Prices Plunge Amid U.S.-Iran Nuclear Deal Rumors

Oil prices dropped over 2% due to potential increased supply from a U.S.-Iran nuclear deal. Market volatility persisted with mixed trading on Wall Street, European shares turning higher, and gold prices rising. Emerging markets eased as global monetary policy reevaluation and geopolitical tensions remain focal points.

Oil prices experienced a significant drop of over 2% on Thursday, driven by talks of a potential U.S.-Iran nuclear deal, which could lead to increased global crude supplies. Meanwhile, trading on Wall Street was mixed, though European shares improved with corporate earnings taking center stage, and gold prices rose by more than 1%.

Despite a slight increase in global stocks by 0.24%, emerging market stocks faced pressure. U.S. Federal Reserve officials, as expressed by Chair Jerome Powell, are reconsidering key elements of monetary policy concerning jobs and inflation at a recent conference. This reevaluation comes amid geopolitical tensions and economic uncertainty.

Further complicating international relations, Russian President Vladimir Putin rejected an invitation for a face-to-face meeting with Ukrainian President Volodymyr Zelenskiy in Turkey, hindering peace efforts. Concurrently, U.S. President Donald Trump announced potential progress in discussions with Iran. In related news, European stoXX 600 index rebounded from earlier losses.

(With inputs from agencies.)