Dow Surges 1,200 Points as U.S.-Iran Ceasefire Sends Oil Tumbling
U.S. stocks jumped on Wednesday after President Donald Trump said he would suspend attacks on Iran for two weeks, pausing a five-week conflict that had shut a crucial waterway for global energy supply and rattled equity markets.
The Dow Jones Industrial Average surged about 1,200 points, or 2.6%. The S&P 500 rose 2.4%, while the Nasdaq Composite climbed 2.8%.
Oil prices slid sharply after Trump’s announcement. West Texas Intermediate (WTI) crude futures tumbled more than 17% to $93.42 a barrel. International benchmark Brent for June delivery fell more than 16% to $91.65 a barrel.
“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote on Truth Social. “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”
Trump said the “double-sided” ceasefire is contingent on Iran agreeing to reopen the Strait of Hormuz. Iran’s Supreme National Security Council has agreed to reopen the waterway for two weeks as long as all attacks are halted, according to a statement from Iran’s foreign minister. The statement added that transits would need to be coordinated with Iran’s armed forces. Israel also agreed to the ceasefire, according to media reports.
Source : Newsmaker.id
