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Oil price gains eased on Monday after Iran said it was engaged in active diplomatic mediation with the United States to de-escalate the conflict in the Middle East.
Brent crude benchmark prices had briefly surpassed $91 per barrel before pulling back, calming global market fears that military exchanges between Washington and Tehran would severely disrupt energy flows through the Strait of Hormuz.
Iranian Foreign Ministry spokesman Esmaeil Baghaei confirmed that Tehran received proposal ideas via third-party channels, offering immediate relief to commodities traders.
The diplomatic developments helped steady European stock indices and fuel a rebound on Wall Street, even as Yemen’s Houthi rebels announced a fresh maritime embargo targeting Saudi Arabia.
Market analysts note that investors are now shifting focus toward upcoming tech earnings, including Alphabet’s quarterly results.
Meanwhile, global markets continue to monitor shifting policy dynamics in Britain following Andy Burnham’s transition into the prime minister role.
