Oil Prices Fall and Stocks Rise amid Hopes for Peace Deal

Crude oil prices are sinking, and stock markets are bursting higher worldwide with hopes that the United States and Iran are nearing a deal to allow ships to once again deliver crude from the Persian Gulf. The S&P 500 climbed 0.6 percent early Wednesday and was heading for another record. The Dow Jones Industrial Average rose 512 points, and the Nasdaq composite rose 0.6 percent.

Meanwhile, stock markets abroad had even bigger gains. Brent crude sank 5.9 percent. AMD soared after joining the lengthening list of companies reporting better-than-expected profits. CEO Lisa Su said the chip company benefited from continued growth from artificial-intelligence technology.

Markets on Wall Street soared overnight and U.S. crude prices plunged 13 percent after China’s foreign minister on Wednesday called for a comprehensive ceasefire in the U.S./Israel/Iran war, the latest spark of optimism that the two-month war could end soon.

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