Oil declined and equities jumped as optimism strengthened around Washington’s diplomatic push to resolve the nearly month-long Middle East conflict.
Brent crude plunged 6.2% to $98 a barrel, while a gauge of Asian equities climbed 2.3% on expectations that a de-escalation of the Iran war would ease inflation pressures and reduce the need for monetary tightening. The dollar fell 0.3%, while yields on 10-year Treasuries dropped two basis points to 4.34%.
