Crude tumbles as markets hope for Iran de-escalation
Markets reacted after Washington sent a peace plan to Iran and Tehran said it will allow "non-hostile" oil vessels to pass the Strait of Hormuz.
Oil prices tumbled and stocks rose Wednesday on hopes for a de-escalation of the Middle East war after Washington sent a peace plan to Iran. Tehran announced it will let "non-hostile" oil vessels through the crucial Strait of Hormuz, easing fears about supply disruptions.