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Asia markets fall as investors assess durability of U.S.-Iran peace deal
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Asia markets fall as investors assess durability of U.S.-Iran peace deal CNBC Asia Stocks Set to Rise as US-Iran Deal Lifts Mood: Markets Wrap Bloomberg.com Stocks turn lower as US-Iran talks hit early snag; oil erase early losses Reuters Stocks rise on Wall Street, erasing much of their loss from a day earlier AP News Stocks Drop on Fed Decision, and Oil Is Muted Amid Peace Deal Talks The New York Times
TOKYO: Oil prices edged higher in early trade on Wednesday, clawing back some of the previous session's losses, as investors assessed whether the Iran war will truly end and the Strait of Hormuz reopen. Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while U.S. West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6%, as of 0038 GMT. Both benchmarks fell about 5% for a second straight session on Tuesday to three-month lows on hopes a U.S.-Iran deal would allow oil flows through the Strait. "Oil markets retreated on expectations the Strait of Hormuz would reopen following the peace agreement, but traders held off further selling pending details," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. WTI is likely to remain volatile within $10 above or below $80 a barrel, he added. Details of the interim peace deal began to emerge on Tuesday with U.S. President Donald Trump saying it would rule out a nuclear weapon for Tehran and a U.S. official saying it would allow Iran to sell oil upon signing. The memorandum of understanding, not yet public, extends a tenuous ceasefire announced in April by another 60 days to allow talks toward a permanent truce. Under the deal, the United States would lift its blockade of Iran's ports, while Tehran would oil tanker traffic through the Strait, effectively blocked since U.S. and Israel strikes on February 28. Still, industry officials say a full return to pre-war production and refining levels is likely to take weeks, months or even years. Israel has distanced itself from both the April ceasefire and the latest U.S.-Iran agreement, adding uncertainty to whether the new truce will hold. Israeli drone strikes targeted three vehicles in southern Lebanon on Tuesday, killing at least four people and wounding others, Lebanon's National News Agency (NNA) reported. Trump issued a rare public rebuke of Israel's military tactics. Meanwhile, China's crude oil throughput in May fell 9.1% on the year to the lowest level in almost four years, data showed, also signalling that refiners were starting to draw on stockpiles amid the Iran war. The American Petroleum Institute report showed U.S. crude stocks fell by 8.3 million barrels in the week ended June 12, the sources said. It exceeded expectations for a 4.6 million barrels draw, with official numbers due from the Energy Information Administration at 10:30 a.m. ET (1430 GMT) on Wednesday. [EIA/]
US-Iran News LIVE: The US military said late Saturday it shot down two Iranian attack drones threatening Strait of Hormuz shipping traffic, the latest clash between the warring forces as tensions escalate anew in West Asia."Earlier today, US forces in the Middle East shot down two Iranian one-way attack drones that threatened international maritime traffic in the Strait of Hormuz," US Central Command said on its X account."American forces remain postured and ready to continue defending against Iranian aggression."CENTCOM said late Friday its forces shot down four Iranian attack drones launched toward the strait, then struck Iranian coastal surveillance radar sites.The tit-for-tat strikes, including a salvo of Iranian missiles fired Saturday at US allies Bahrain and Kuwait, come despite Washington and Tehran being engaged in weeks of indirect talks on how to end the war.Meanwhile, OPEC ministers are set to meet on Sunday to weigh higher production quotas in a bid to cap oil prices that have surged since the war effectively choked off Gulf crude shipments.But even if the cartel members vow to ramp up output by thousands of barrels per day, analysts say geopolitical realities mean they probably won't move the needle on prices.With the crucial Strait of Hormuz shut since US and Israeli attacks on Iran in late February, oil prices have nearly doubled, igniting inflation pressures worldwide.Follow updates here:7 Jun 2026, 08:25:11 AM ISTUS-Iran News LIVE: What is the status of peace deal?As part of mediation efforts, Pakistan’s interior minister, Mohsin Naqvi, arrived in Iran on Saturday, AP reported. As Washington seeks to increase economic pressure on Tehran, the US Treasury Department is considering allowing Gulf allies to tap into frozen Iranian assets to pay for damages they sustained in the war, AP reported citing a person familiar with Secretary Scott Bessent's thinking.7 Jun 2026, 08:12:29 AM ISTUS-Iran News LIVE: OPEC to meet today to weigh higher production of oilMinisters from the 21 member states of OPEC , the main oil producing nations and their allies, are set to hold their quarterly meeting online today.OPEC ministers are set to meet on Sunday to weigh higher production quotas in a bid to cap oil prices that have surged since the war effectively choked off Gulf crude shipments.The group is likely to beef up its production quotas by "188,000 barrels a day", said Jorge Leon, analyst at Rystad Energy, similar to recent increases.But in reality, only seven members -- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman -- have the capacity to do so.About the AuthorLivemintFor about a decade, Livemint—News Desk has been a credible source for authentic and timely news, and well-researched analysis on national news, business, personal finance, corporates, politics and geopolitics. We bring the latest updates on all the listed companies on BSE and NSE, startups, mutual funds, Union ministries, geopolitics, and untapped human interest stories from around the world, helping our readers to stay informed on the latest developments around the globe. Our Coverage Areas 1. Companies: Comprehensive news and analysis on listed and unlisted companies, corporate announcements, corporate chatter, C-suite, business trends, hiring alerts, layoffs, work-life balance, world's top billionaires and richest and more. 2. Personal finance: Insights into mutual funds, small savings schemes like - PPF, SSY, post office savings scheme, stock to watch, personal loans, credit cards, top bank FDs, real estate, income tax and more. 3. Politics: Comprehensive coverage of general elections, state elections and bypolls, Lok Sabha, Vidhan Sabha, Parliament, PMO, PIB, finance ministry, home ministry, among other union ministries and government departments. 4. National News: From metro cities like Delhi, Mumbai, and e to untapped stories from rural India, we cover human interest, health, education, crime and courts, and law and order, among other
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