Oil prices fell and stock markets in Asia rose on Wednesday as investors took comfort in President Trump’s about-face to pause the day-old U.S. operation to escort commercial ships through the Strait of Hormuz, citing what he called “great progress” toward a peace agreement with Iran.
The president’s decision to halt the operation came as China’s 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 exert 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.
