Oil slides, stocks rise on hopes of deal to end Middle East war

LONDON: Oil prices tumbled Monday (Aug 3) and stocks mostly rose after US President Donald Trump said he was preparing for new talks with Iran aimed at ending the war in the Middle East.Crude futures slid more than 6 per cent, even though Iran denied that any negotiations were taking place and earlier truces have failed.While tech stocks are still under pressure in Asia on concerns of over-investment, wider stock market indexes were mostly higher in New York and Europe as the lower oil prices raise the prospect of lower interest rates."Trump's decision to restart talks with Iran has knocked a large chunk out of the oil-risk premium and given bonds room to rally," said Patrick Munnelly, market strategist at the Tickmill Group. Oil's sharp fall "has eased the immediate inflation scare", he s