Oil prices make stunning plunge and stock futures surge after Trump steps back with two-week ceasefire
Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz.
After Trump posted about the stoppage on Truth Social, US crude oil slid 18 percent to under $93 a barrel, after trading upwards of $117 that very same day.
The prices for natural gas and heating oil also dropped a fair amount following the ceasefire news.
Brent crude oil futures fell about six percent to $103.40. Both prices remain well above where they were at the start of the war.
Dow futures went up 1,000 points, Nasdaq 100 futures nearly three percent and S&P 500 futures rose over 2.5 percent, NBC News reported.
Shipping in the Strait of Hormuz, a chokepoint in the Persian Gulf through which 20 percent of the world’s oil normally flows, had been all but halted, sending oil prices soaring and roiling the stock market.
Trump said Iran has proposed a “workable” 10-point peace plan that could help end war the US and Israel launched on February 28.
This is a developing story.
Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz
