Iran Ceasefire Spurs Stock Surge, Oil Plunge: Market Wrap-Up

The U.S. and Iran agreed to a two-week ceasefire that eased market tensions. Stocks rallied while oil prices plunged sharply.

Ceasefire terms

President Donald Trump agreed to suspend bombing on Iran during the truce. Iran said safe passage through the Strait of Hormuz would be possible.

Oil markets react

West Texas Intermediate tumbled as much as 19 percent. That marked the biggest daily drop in almost six years.

Global benchmark Brent crude slid up to 16 percent. Brent fell to $91.70 a barrel.

Stock response and market wrap-up

Equities surged on the news, giving traders a respite from conflict-driven volatility. The Iran ceasefire spurred a stock surge across sectors.

In this market wrap-up the oil plunge dominated commodity headlines. Investors moved to reprice risk after the Strait of Hormuz update.

Reporting for Filmogaz.com.