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Markets Rebound as Oil Falls on Hopes of Renewed U.S.–Iran Talks

Hopes for renewed U.S.–Iran talks sent oil back below $100.

Overview

  • Global stocks rallied Tuesday on hopes for a U.S.–Iran diplomatic restart.
  • Oil prices fell back below $100 per barrel following Monday's surge tied to the announced U.S. blockade of Iranian ports.
  • The blockade's real-world enforcement remained unclear after its declared start, while President Trump said 34 ships crossed the Strait of Hormuz on Sunday.
  • Paris gained 1.12% even as LVMH reported first-quarter revenue down 6%, which had weighed on its shares earlier in the day.
  • Amazon said it plans to buy satellite operator Globalstar for up to $90 a share, a move that boosted Globalstar’s stock as earnings season kicked off.