The cost of default protection for euro-denominated high-yield credit falls to its lowest since Feb. 18, due to optimism around a lasting resolution to the Middle East conflict. Markets are pricing in prospects of de-escalation in the U.S.-Iran war ahead of possible negotiations in Doha, IG analysts say in a note. The iTraxx Europe Crossover index of euro high-yield credit default swaps falls 2 basis points to 245bps, S&P Global Market Intelligence data show. (miriam.mukuru@wsj.com)