Global crude benchmark Brent declined 1.4% to around $98 a barrel. Gold ad the dollar were little changed.
Investors are betting continued negotiations may reopen the Strait of Hormuz, easing oil and inflation and supporting global growth, though the timing and durability of any agreement remains uncertain. While Trump said prospects for a deal with Iran are “looking very good,” delegates at the International Monetary Fund and World Bank meetings in Washington warned markets may be underestimating the war’s economic toll.
Trump claimed, without evidence, that Iran had agreed to terms it has long resisted, including giving up ambitions for a nuclear weapon and turning over nuclear material. The deal would also include “free oil” and an opening of the Strait of Hormuz, Trump added. Tehran has not publicly confirmed it’s made those concessions.Earlier, Trump announced a 10-day ceasefire between Israel and Lebanon. His announcement on Thursday made no mention of Hezbollah. Israeli Prime Minister Benjamin Netanyahu confirmed in a video message that he’d agreed to the truce.
In US corporate news, a busy week of financial-sector earnings continued to produce mixed results.
Bank of New York Mellon Corp. shares rose after net interest income beat Wall Street estimates and the board authorized a new $10 billion share buyback plan. Charles Schwab Corp. shares slipped on a revenue miss even as total new assets solidly beat analyst expectations, as retail investors put more money into the market.
Stocks have also been buoyed by cooler-than-expected US producer and import prices this week, and got another lift after initial jobless claims for the week ending April 11 came in below economist forecasts.
With inputs from Bloomberg
