Oil Prices Slide Below $80 on Iran Supply Hopes as Bond Yields Ease Before Warsh Fed Debut

Crude benchmarks retreat on hopes of US-Iran truce and returning Gulf supplies

The FTSE 100 made strong progress on Tuesday as oil fell further amid growing confidence in the US-Iran peace process.

Wall Street pointed toward modest gains in premarket trading Wednesday, and oil traded below $80 a barrel on optimism that Iran will quickly open the Strait of Hormuz if a tentative deal with the U.S. to end the war is signed Friday.

London, Paris and Frankfurt stock markets all climbed around 0.5 percent in midday deals, after a mixed session in Asia.