Oil prices have dropped and stock markets have risen globally following reports that the United States and Iran are nearing a deal to end their conflict.

• Brent crude futures fell below $100 a barrel, down from over $108 earlier in the day.
• Major stock indices, including the FTSE 100, Dax, Cac 40, and S&P 500, all saw gains.
• The market movements follow reporting from Axios suggesting a one-page document to end the war and initiate nuclear negotiations is close.
• The conflict has disrupted oil and gas shipments through the Strait of Hormuz, leading to price surges prior to these reports.