Hopeful Iran Peace Plan Sparks Global Market Rally as Oil Dips

Stocks rose worldwide and oil slipped after reports of a 15-point Iranian peace framework and Tehran’s permission for non-hostile ships to pass the Strait of Hormuz, lifting supply fears. Oil hovered near $100 as markets in Asia, Europe and the US gained; fertiliser supply disruption and food security concerns were noted, gold pulled back from recent highs, and BlackRock CEO Larry Fink warned that sustained high oil could reach $150 a barrel and trigger a global recession.