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GeopoliticsMediumUpdated×4•Originally published 6 May 2026•Updated 7 May 2026•

1 min read

US-Iran Peace Deal Optimism Drives Stocks to Records as Oil Plummets 11%

Key Facts

1US equity futures surged to fresh all-time highs led by tech on reports that the US and Iran are nearing a peace deal.

2Brent crude prices tanked 11% to below $98 a barrel on prospects of reopening the Strait of Hormuz.

27 days ago

Version History

Version 427 days ago

What changed: Updated the story to include corporate earnings results from Arm, Whirlpool, and Albemarle, alongside the strong performance of Japan's Nikkei and Softbank.

Version 328 days ago

What changed: Identified Axios as the primary source of the reports and included bonds in the broad market rally.

Version 228 days ago

What changed: The story was updated to include a cautionary element after President Trump's social media posts moderated the initial optimism surrounding the diplomatic deal.

Version 128 days ago

What changed: Added SMCI to the list of surging stocks following earnings and identified Axios as the specific source for the geopolitical report.

Global markets continued to react to reports of diplomatic progress between Washington and Tehran, driving US equity futures to record highs while Brent crude plummeted 11%. In Asia, Japan's Nikkei 225 climbed 5.6% bolstered by an 18% rally in Softbank shares, even as US corporate earnings showed mixed results. Arm Holdings shares dropped 8% following weak fourth-quarter royalty revenue, and Whirlpool plunged 18% after slashing its full-year revenue forecast. Conversely, Albemarle rose 6% on a quarterly sales beat, joining tech giants like Alphabet and AMD in supporting risk sentiment. Investors remain focused on how contrasting corporate performance and volatile political rhetoric will impact the sustainability of the current market rally.