Oil falls after US waives Iran sanctions; South Korean stocks drop 10%
10 reported
Oil prices fell after the United States waived sanctions on Iran for 60 days following initial peace talks in Switzerland, and a communications line was opened to ensure safe passage through the Strait of Hormuz. Separately, South Korean stocks tumbled nearly 10% due to a sell-off of technology stocks, with the Kospi index plunging 910.71 points to close at 8,203.84. In the US, the Nasdaq Composite closed 1.3% lower, and SpaceX shares fell 16.4% after reports of bond sales for AI initiatives. Nissan halted work on a fully electric Qashqai in Sunderland as part of cost-cutting, and is in talks with the UK government for financial support. Ticket reseller StubHub UK was fined nearly £900,000 and ordered to refund over 50,000 customers for hidden fees. Britain’s grid operator played down blackout risks this winter, citing an expected 8.8% electricity supply surplus.
What’s reported
The US waived sanctions on Iran for 60 days after first talks in Switzerland to negotiate a peace deal.
A communications line was opened to ensure safe passage through the Strait of Hormuz.
South Korean stocks tumbled nearly 10% due to a sell-off of technology stocks.
The Kospi index plunged 910.71 points, or 9.99%, to close at 8,203.84.
Trading was halted temporarily after the index fell more than 8%.
SpaceX shares tumbled 16.4% after reports of bond sales for AI initiatives.
Nissan stopped work on a fully electric Qashqai in Sunderland as part of cost-cutting.
Nissan is in talks with the UK government about securing financial support.
StubHub UK was fined £889,200 and ordered to refund over £590,000 to 51,350 customers for hidden fees.
Britain’s grid operator expects electricity supply to outstrip demand by almost 8.8% this winter.
Key figures
Chris Beauchamp, chief market analyst at IG
Emma Cochrane, executive director of consumer protection at the CMA
Deborah Petterson, director of whole energy system resilience at Neso
Glenn Bryn-Jacobsen, a director at National Gas
Sources: The Guardian
