Shares in US fashion groups VF Corp, PVH, Ralph Lauren and Tapestry surged after oil prices fell sharply on the back of a proposed US–Iran peace deal to reopen the Strait of Hormuz.
Oil dropped by around 5% after US President Donald Trump said an agreement to end hostilities and “reopen” the key shipping lane was largely finalised. Brent crude futures slipped to about $83 a barrel, while US West Texas Intermediate fell to roughly $80.
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