Oil dives, stocks surge as Trump agrees two-week ceasefire

SINGAPORE — Oil dived, bonds rallied and stocks surged on Wednesday as a two-week ceasefire in the Middle East was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports. U.S. President Donald Trump said he agreed to suspend bombing and attacks on Iran for two weeks and that a long-term peace agreement was in progress. U.S. crude futures fell around 9 percent to $103 a barrel, S&P 500 futures leapt 1.6 percent and the dollar fell broadly. Futures pointed to broad gains for Asia's stock markets, which have been beaten down by war and soaring energy prices, and 10-year U.S. Treasury futures jumped about 15 ticks. The risk-sensitive Australian dollar rose more than 0.8 percent to above 70 U.S. cents and the euro rose 0.4 percent to $1.1647. Cryptocurrencies also rose.

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