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U.S. stock futures jumped higher and oil prices plunged after President Trump announced a two-week ceasefire and a potential longer peace deal with Iran on Tuesday night.<\/p>\n
Futures indicated a two percent rise in the Dow Jones Industrial Average. S&P futures were up 2.3 percent and Nasdaq futures were up nearly three percent.<\/p>\n
Oil prices fell sharply. Brent crude futures fell by around 13.5 percent to $94.50 a barrel. West Texas Intermediate futures dropped 14.7 percent to $96.40 a barrel. U.S. natural gas prices dropped by 3.6 percent. U.S. home heating oil futures dropped by more than 18 percent.<\/p>\n
Stocks in Asia rallied on the news. Japan\u2019s Nikkei index rose five percent. Australia\u2019s S&P\/ASX climbed 2.65 percent. South Korea\u2019s Kopsi index jumped 5.6 percent.Hong Kong\u2019s\u00a0Hang Seng Index futures were up 2.6 percent.<\/p>\n
Trump said the ceasefire was \u201csubject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.\u201d<\/p>\n
Iranian Foreign Minister Abbas Araghchi in a post on X on behalf of the country\u2019s Supreme National Security Council said Tehran\u2019s armed forces will \u201ccease their defensive operations.\u201d The Wall Street Journal\u00a0<\/em>reported that\u00a0Iran\u2019s Supreme National Security Council has said that peace talks with the U.S. will start Friday in Islamabad. It also said the ceasefire could be extended if necessary.<\/p>\n