ROME, April 1. /TASS/. Global stock market performance and declining oil prices reflect optimism about the end of the Middle East conflict, Corriere della Sera newspaper wrote, citing data from global markets, from American and Asian to European exchanges.
"Oil prices fell below $100 per barrel amid expectations of a soon end to tensions in the Persian Gulf and the reopening of the Strait of Hormuz. Gas prices also declined noticeably. Trading on European exchanges began with a significant rise in major indices, with the Milan FTSE MIB index up 2.59%," the newspaper wrote.
According to the newspaper, the "easing of tensions" in global markets is driven by the possibility of a ceasefire scenario through diplomatic efforts by China aimed at restoring shipping in the Strait of Hormuz, as well as the suspension of sanctions on Russian oil. The latter factor, together with Asian countries purchasing oil from Russia, changed the trend on Asian trading floors: the Seoul stock exchange rose by almost 9%, the newspaper wrote.
On February 28, the United States and Israel began a war against Iran. The largest Iranian cities, including Tehran, came under strikes. The Islamic Revolutionary Guard Corps announced a large-scale retaliatory operation, attacking Israel. US military facilities in Bahrain, Jordan, Iraq, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia were also struck. The Iranian authorities also decided to close the Strait of Hormuz to vessels linked to the United States, Israel and countries that supported aggression against the Islamic Republic. During the conflict, several tankers were attacked for passing through the strait without Tehran’s permission. On March 25, Iranian Foreign Minister Abbas Araghchi said that Iran had allowed vessels from friendly countries, including Russia, India, Iraq, China and Pakistan, to pass through the Strait of Hormuz.