European Stocks Set for Biggest Gain Since 2022 on US-Iran Deal

European shares were set for their biggest advance since 2022 after the US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz. Brent crude plunged 15%.

Euro Stoxx 50 futures surged 5.3% at 7:22 a.m. in London, with US equity contracts also surging. That would be the biggest gain for the European gauge since March 2022. European natural gas futures dropped as much as 20% to the lowest since the start of the war.