SpaceX IPO lifts tech, Iran deal lifts oil: FX reaction in focus
SpaceX’s $161 close and Iran deal optimism drove mixed FX and commodity moves. Where does the next session take the dollar and crude?
SpaceX’s strong debut and signs of a potential Iran deal reshaped markets. USD firmed while oil and gold diverged as traders parsed geopolitical risks.
What happened
SpaceX’s IPO priced at $135 and opened at $150, surging to an intraday high of $176.52 before closing at $161.22—a 19% pop that underpinned tech sentiment. Meanwhile, Iran deal headlines shifted from skepticism to cautious optimism after Trump downplayed leaked terms as "fake" and Iran’s foreign minister framed the agreement as imminent. Oil prices fell $3.36 to $84.35 as WTI crude reflected expectations of a quick Strait of Hormuz reopening, though Iran retains leverage via nuclear negotiations.