Oil prices fall as hopes rise for US-Iran negotiations; UK government bond yields decline
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- As the expectation of renewed US-Iran negotiations led to a decline in oil prices and eased inflation concerns, the yield on the UK 10-year government bond fell to 4.77%.
- Both Brent crude and WTI crude prices dropped below $100 per barrel, following reports that the US and Iran might hold further talks before the two-week ceasefire agreement expires.
- The recent surge in energy costs had previously prompted the market to anticipate nearly two rate hikes by the Bank of England before the end of 2026.
- Additionally, data showed that UK same-store retail sales rose by 3.1% in March, mainly driven by a 6.2% increase in food sales as consumers stocked up ahead of the Easter holiday.
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