US and Iran Make Progress in Conflict Resolution, Boosting Wall Street Futures

US Markets Signal Firm Opening as Oil Prices Decline Amid Iran-US Peace Talks

Wall Street futures rose significantly on Wednesday, signaling a strong start to the US markets, as oil prices plummeted following reports that the US and Iran are nearing a deal to end the conflict. At around 5 pm IST, futures linked to the Nasdaq-100 were up 1.74 percent, while those of the S&P 500 edged up 1.05 percent, and the Dow Jones Industrial Average futures gained 1.31 percent.

The sharp movement came after Brent crude, the global oil benchmark, dropped 8 percent to USD 101.1 per barrel, a decline from its earlier trading near USD 115. The fall in oil prices was attributed to reports that the US and Iran are close to finalizing a one-page memorandum to end the conflict. According to a Pakistani source involved in the peace efforts, the agreement is expected to be concluded soon.

In the global markets, the STOXX 600 index in Europe rose about 2.5 percent, while in Asia, South Korea's Kospi surged over 6 percent. The Shanghai SSE Composite index and Hong Kong's Hang Seng index also ended higher. European markets were trading sharply higher, and US markets had ended in positive territory on Tuesday.

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Back home, the Indian benchmark indices Sensex and Nifty rebounded sharply on Wednesday. The Sensex jumped 940.73 points or 1.22 percent to settle at 77,958.52, while during the day, it climbed 1,004.99 points or 1.3 percent to a high of 78,022.78. The Nifty advanced 298.15 points or 1.24 percent to close at 24,330.95.