Oil steadies as U.S.-Iran peace talks progress, Starmer resigns as UK PM
Global markets steadied on Tuesday after a volatile session, with oil prices rebounding from a sharp drop as the U.S. and Iran began peace talks, while UK Prime Minister Keir Starmer announced his resignation.
Brent crude edged up to $78.15 a barrel after falling over 3% on Monday when the U.S. granted Iran a 60-day sanctions waiver and officials reported a lull in hostilities. Two tankers transited the Strait of Hormuz, signaling a tentative reopening of the key waterway.
There remains a prevailing dose of market scepticism, rooted in deep-seated mistrust between Washington and Tehran, suggesting that any return to pre-war oil prices is likely to be delayed rather than immediate.
In the UK, Prime Minister Keir Starmer said he would step down, paving the way for Andy Burnham to become the country's seventh leader in a decade. Sterling and UK stocks were steady. Elsewhere, the yen languished near a 40-year low against the dollar, and former Fed Chair Alan Greenspan died at age 100.
