Oil Crash on possible US-Iran nuclear deal

Oil fell more than 2 percent on Thursday as a possible US-Iran nuclear deal raised the prospect of an expanded global crude supply. The focus was on corporate earnings, and European shares recovered their losses to finish higher. Markets claimed that the decline in oil prices exacerbated deflationary pressures in regions like Europe, where concerns about US tariffs. Data released on Thursday revealed that retail sales were mixed and that US producer prices dropped unexpectedly in April. While stocks in emerging markets declined, global equities increased by 0.3 percent. US Federal Reserve officials stated that they must reevaluate the central components of their current monetary policy approach regarding jobs and inflation. Potential for a peace breakthrough was shattered when Russian President Vladimir Putin rejected an invitation to meet with Ukrainian President Volodymyr Zelensky in person in Turkey. President Donald Trump said he was close to reaching an agreement with Iran, and Tehran had “sort of” agreed to the terms, causing Brent futures to close down more than 2 percent. Trump was speaking during a Middle East tour. Iran’s Supreme Leader Ayatollah Ali Khamenei’s adviser, Ali Shamkhani, stated that the nation would eliminate its highly-enriched uranium stockpiles and pledge never to produce nuclear weapons.