The prices of oil tumbled on Wednesday, deepening even more after midday as reports surfaced that Pakistan may announce a final US-Iran draft agreement within hours.
Investors reacted to the news by moving out of bonds and into equities, sending Treasury yields sharply lower and US stocks surging 520 points higher as the prospect of war faded.
West Texas Intermediate (WTI) for July’s settlements dropped by 5.34% at 12:20 pm ET to sell for $98.81 per barrel. Meanwhile, Brent for the same month’s deliveries plunged by 6.18% to go for $105.17 per barrel.