Oil Prices Plunge, Stocks Climb After Iran-Israel Ceasefire
Ceasefire boosts Gulf and global markets as oil prices fall; major indices in the UAE, Saudi Arabia, Asia, and the West record strong gains.
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Oil prices decreased, while Gulf stocks recovered and rose after the US President Donald Trump announced a ceasefire between Iran and Israel on Tuesday, June 24.
Brent fell by 4.34 per cent to $68.38 per barrel on Tuesday evening, while West Texas Intermediate dropped about 4.42 per cent to $65.48 a barrel.
The Dubai Financial Market Index increased by 3.35 percent, while the Abu Dhabi Securities Market advanced by 2.48 percent.
Saudi Arabia's Tadawul increased by 2.37 per cent, while Doha Securities Market recovered by 1.93 percent.
The main Market in Kuwait rose by 1.25 percent, and Bahrain's Bourse rose by 1.48 percent. The main equities index in Oman rose by 0.38 percent.
Japan’s Nikkei index rose by 1.14 percent and China’s Hang Seng rose 2.18 percent. Stocks in Mumbai gained by 1.2 per cent.
FTSE 100 Index rose by 0.4 percent, while equities in Germany and Paris added 1.83 percent and 1.21 percent, respectively, on Tuesday afternoon.
S&P and Nasdaq increased by 0.72 percent and 0.98 percent, respectively.
This article was previously published on UAE Moments. To see the original article, click here