Oil prices have dropped 14%, falling below $100 to $94 per barrel due to a two-week ceasefire involving the US, Israel, and Iran. While UK wholesale gas prices have also plummeted over 18%, they remain above pre-war levels. Stock markets are experiencing significant gains, with the FTSE 100 up more than 2.3% and South Korea’s Kospi rising nearly 7%. However, supply chain issues may prevent prices from declining further, impacting inflation and economic forecasts.
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