Oil falls further on Mideast deal, but Fed outlook knocks equities

AI Summary

Oil prices fell following a US-Iran deal to end conflict in the Middle East and reopen the Strait of Hormuz, while US equities showed cautious gains despite Federal Reserve's higher inflation and interest rate forecasts. The deal impacts energy markets and geopolitical stability in the region.

Oil prices dropped further on Thursday after US President Donald Trump and his Iranian counterpart signed off on a deal to end four months of war and reopen the Strait of Hormuz to tanker and cargo traffic. Wall Street was cautiously in the green around a half hour into trading, with the Dow, the broader-based S&P 500 and the tech-heavy Nasdaq up just above 0.5 percent. That followed steep falls the previous session after the US Federal Reserve raised its inflation forecast and projected higher US interest rates this year, boosting the dollar.