Wall Street and European markets hit record highs and oil price falls to three-month low after US-Iran peace deal – business live

US-Iran peace deal has triggered a broad risk-on move, with the Dow hitting a record high at 51,857, the S&P 500 up 1.5% and the Nasdaq up 2.25% in early trade. Oil fell to a three-month low as investors pulled geopolitical risk premia out of the market after the two sides agreed to reopen the Strait of Hormuz. The deal is framed as a permanent end to the conflict, with signing expected in Switzerland after the G7 meeting. Boeing, Caterpillar and Amazon led US gains, while European equities also notched fresh highs. Analysts say the immediate market reaction is a classic relief rally: lower energy prices, firmer equities and reduced demand for defensive positioning. For precious metals, the near-term read-through is modestly bearish as safe-haven demand fades and real-economy risk appetite improves. If the agreement holds and oil remains under pressure, gold’s geopolitical bid could erode further over the next few sessions; watch for any pushback from hardliners or delays to the formal signing that could quickly restore haven demand.