Global stock markets are rising on hopes of de-escalation in the Middle East, although there is confusion over Iran’s response to Donald Trump’s 15-point peace plan.
On Wall Street, the Dow Jones rose 300 points, or 0.65%, while the S&P 500 gained 43 points, or 0.67%, and the tech-heavy Nasdaq climbed 216 points, a 1% gain.
In London, the FTSE 100 index has gained 104 points or 1.05% to 10,069. European indices are trading between 1.25% and 1.7% higher.
Brent crude, the global oil benchmark, has hovered around $100 a barrel all day, but is almost 4% lower.
Various news agencies and Iranian state media have reported that Tehran has responded “negatively” to the US proposal to end the war, but there are contradictory statements over whether it has rejected it outright.
The head of the International Atomic Energy Agency said there might be talks between Iran and the US soon in Pakistan. Rafael Grossi told Italian newspaper Corriere della Sera:
I think there could be talks this weekend in Islamabad.
Our main stories today:
The UK inflation rate held steady at 3% in February, before Donald Trump’s Iran war drove up global energy costs, threatening a renewed price jump.
Official figures showed the consumer prices index remained at the same level as the previous month, in line with economists’ expectations but still well above the government’s 2% target.
Europe could face a shortage of energy and fuel as soon as next month without a reopening of the strait of Hormuz, Shell’s chief executive has said.
The boss of Europe’s biggest oil company said it was working with governments to help them address the oil and gas supply crisis, which has already led to energy rationing in Asian countries.
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Stock markets cheered by report US-Iran talks could happen this weekend
On Wall Street, US stocks are extending gains. The Dow Jones is 1.1% ahead while the Nasdaq had gained 250 points or 1.1% and the S&P 500 is also trading just over 1% higher.
Over here, the FTSE 100 index in London has enjoyed a 1.1% gain, up 110 points at 10,075. The German market is 1.7% ahead, the French bourse and Spanish exchange both gained 1.5% while the Italian borsa added 1.4%, as investors have been cheered by suggestions that the US and Iran could engage in talks this weekend.
The head of the International Atomic Energy Agency said there might be talks between Iran and the US soon in Pakistan. Rafael Grossi told Italian newspaper Corriere della Sera, without elaborating:
I think there could be talks this weekend in Islamabad.
Earlier, it emerged that the Trump administration has reportedly forwarded a 15-point ceasefire plan to Tehran, but the Iranians mocked his claims that talks are ongoing.
Oil prices are down today, while the price of gold has jumped, on hopes that lower oil prices ease inflationary pressures. Brent crude, the global oil benchmark, has lost 4.3% to $100.1 a barrel.
Spot gold rose more than 2% earlier and is now 1.6% ahead at $4,547 an ounce.
