Oil at three-month lows after Iran-US peace agreement, gas prices collapse in Europe

Oil prices fell to three-month lowsi after US President Donald Trump and Iran’s vice foreign minister said they had reached a preliminary agreement to end the war and resume traffic through the Strait of Hormuz. Brent futures lost 4.9% to 83 dollars a barrel, those on WTI lost 5.1% to 80.5 dollars. Both contracts fell to their lowest levels since March 10, after plunging more than 3% last Friday.

Agreement between USA and Iran, gas prices collapse in Europe

Gas prices at the TTF collapsed by 9.2% to 42.4 euros/MWh after the peace agreement between Iran and the United States. European stock markets closed on the rise with the exception of London after the preliminary agreement. Paris gained 0.40% to 8,384 points, Frankfurt 1.05% to 24,894 points, Milan 0.66%. Only the London Stock Exchange recorded a decline of 0.39% to 10,431 points, due to the strong exposure of its reference index, the FTSE 100, to energy stocks which lost in the wake of the fall in crude oil prices.