Markets Surge as Iran Deal Hopes Drive Oil Down, Luxury Stocks Up

—Global markets swung sharply on signs of progress toward a US-Iran peace deal, with South Korean stocks jumping more than 4% and European luxury shares surging — LVMH rose 5% — on optimism that the conflict driving up energy costs could end. Oil prices fell to a three-month low as traders priced in the prospect of Iranian crude returning to markets and shipping lanes reopening. Seoul's Kospi briefly crossed 8,000 points for the second time as the Iran war premium unwound. The euphoria proved fragile: Tehran quickly denied any final agreement had been reached, sending markets into a partial retreat. The volatility underscores how closely intertwined global financial conditions have become with the Iran conflict's outcome.