Oil slides 5% and European stocks rise after Trump cancels planned Iran strikes
Donald Trump said he had called off planned military strikes on Iran, easing geopolitical tensions. Brent fell 5% to $83.50 a barrel after touching $81.55, while US West Texas Intermediate dropped more than $5 to $79.47. Both benchmarks had gained more than 20% in July amid renewed US-Iran fighting and tanker attacks in the Strait of Hormuz. The pan-European Stoxx 600 rose 0.4%, with energy stocks down 2% and travel and leisure shares up 2.1%.