Qantas Airways, Virgin Australia Shares Advance as Oil Prices Fall After Middle East Ceasefire

MT Newswires Live

04/08

Qantas Airways (ASX:QAN) shares gained more than 9% and Virgin Australia (ASX:VGN) advanced over 13% in recent trading on Wednesday, as oil prices receded after a de-escalation of the conflict in the Middle East.

The US and Iran agreed on a two-week ceasefire to allow negotiations between the two sides to proceed. The agreement is contingent on Iran fully reopening the Strait of Hormuz.

WTI crude oil futures were down nearly 15% recently, while Brent crude declined more than 13%, both falling below the $100-per-barrel mark.

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