Oil drops to three-month low amid US-Iran peace talks

European stock markets reached a record high at the start of trading following positive developments in the US-Iran peace negotiations. The pan-European Stoxx 600 index rose by 0.9%, driven by gains in mining and travel sectors, amid hopes that the Strait of Hormuz will re-open, reducing oil prices. The US-Iran deal has eased geopolitical tensions, lowered oil prices, and contributed to a broader market rally, with US stock futures also rising significantly.

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