Stocks perk up and oil cools as US and Iran halt hostilities

SINGAPORE/LONDON, June 29 (Reuters) - European stocks and U.S. futures ticked higher on Monday after the U.S. and Iran agreed to halt recent hostilities and renew talks, helping oil prices fall after spiking ‌earlier on Monday in the wake of renewed attacks between the two sides.

A return to diplomacy would follow several ‌days of tit-for-tat strikes since an Iranian projectile hit a cargo vessel in the Strait of Hormuz last week, with both sides accusing each other of breaking ​an interim ceasefire.

Europe's STOXX 600 index rose 0.1% in morning trading while futures for the U.S. S&P 500 climbed 0.7%.

Oil initially climbed on Monday after the U.S. and Iran traded strikes over the weekend, but then cooled to trade at around its lowest since the conflict began.

Brent crude was last little changed at $72.20 a barrel, down 22% for the month.

"The market can take some relief in the lower oil ‌prices and its impact on the global economy," ⁠said Mohit Kumar, chief European economist at Jefferies.

"Lower oil prices should lead to a diversification trade and growth-sensitive sectors which have suffered in the last few months should outperform."

Asian markets pared earlier losses, wit

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/articles/stocks-adrift-oil-us-iran-014817134.html)