Oil prices fell and Asian stock markets rose on Wednesday as investors took comfort in President Trump’s reversal to halting the day-old US operation to escort commercial ships through the Strait of Hormuz, citing what he called “major progress” towards a peace deal with Iran.
The president’s decision to halt the operation came as Chinese Foreign Minister Wang Yi held talks with Iran’s foreign minister in Beijing on Wednesday, according to China’s official Xinhua news agency. China is a major buyer of Iranian oil and could use its influence to urge Tehran to maintain stability with Washington ahead of a summit next week between President Trump and China’s leader, Xi Jinping.
