International oil prices plummeted while U.S. stock index futures rose as the United States and Iran temporarily halted attacks for the first time in nearly two weeks.
According to Investing.com, as of 7:58 a.m. Korean time on July 27, the spot price of West Texas Intermediate (WTI) crude fell by $5.48 (6.14%) to $83.76 per barrel. Brent crude futures also dropped by $4.19 (4.57%) to $87.49 per barrel.
In contrast, U.S. stock index futures showed strength. The Dow Jones Industrial Average futures rose by 230 points (0.44%) to 52,354.00. The Standard & Poor's (S&P) 500 futures increased by 46.25 points (0.62%) to 7,493.75, while the Nasdaq 100 futures climbed by 336.25 points (1.19%) to 28,618.50.
Over the weekend, the U.S. and Iran ceased mutual attacks, marking the first simultaneous halt to daily retaliatory strikes in nearly two weeks. This development has raised hopes that diplomatic efforts by intermediary countries could lead the U.S. and Iran back to the negotiating table.
According to the Associated Press, an anonymous regional official involved in the mediation process indicated that both sides are exploring a return to a temporary ceasefire agreement that fell through earlier this month.
U.S. Ambassador to the United Nations, Mike Waltz, stated in an interview with Fox News that President Donald Trump has refrained from further attacks to create some space for negotiations. He noted, "The president is allowing for some room in negotiations," but did not disclose specific details.
Stephen Innes, managing partner at SPI Asset Management, told MarketWatch that the U.S. government appears to have reached a point where repeating the same type of attacks yields diminishing returns. He added, "Allowing for diplomacy may be an attempt to prevent the political burden of rising oil prices due to war risks from escalating in the U.S."
* This article has been translated by AI.
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