Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

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Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran.

Brent crude oil futures fell nearly 2% to $107.7 a barrel. The dollar lost 0.36% against a basket of major currencies.

The US president said last night he was pausing ‘Project Freedom’, the US effort to guide stranded vessels out of the strait of Hormuz launched on Monday, but added that his blockade of Iranian ports would remain in place. In a social media post, Trump said he made the move based

double quotation markon the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”.

Iran is yet to comment.

MSCI’s All-Country World Index rose 0.56% to a new record the broadest index of Asia-Pacific shares outside Japan leapt 2.8% at one stage, but then dipped 0.1%.

South Korea’s Kospi jumped nearly 8% as the Seoul market reopened after a holiday, with Samsung Electronics surging 15% which took its market value above $1 trillion, ahead of the investment firm Berkshire Hathaway and closing in on the retailer Walmart. Japan’s Nikkei rose almost 0.4%, Hong Kong’s Hang Seng added 0.8% and China’s CSI 300 and the Australian market were 1.3% ahead.

Stocks on Wall Street hit fresh all-time highs on Tuesday with the S&P 500 index up 0.8% and the tech-heavy Nasdaq Composite gaining 1% amid a wave of AI-driven trades.

Chris Weston, head of researcch at the broker Pepperstone in Melbourne, told Reuters:

double quotation markInvestors bought and continue to add to positioning in the 2026 winners. There has been some buying in S&P 500 materials stocks, but it’s tech that continues to attract the bulk of flows, notably in and the memory plays.