Oil prices plunge, US stock futures jump as US and Iran agree to 2-week ceasefire

NEW YORK — Oil prices plunged and U.S. stock futures jumped after President Donald Trump held off on his threat of devastating attacks on Iran. U.S. crude oil futures fell more than 15 percent. Futures for the S&P 500 were up 2.2 percent as of 8:05 p.m. ET, while Dow futures rose 930 points or 2 percent. Late Tuesday, Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets, subject to Tehran agreeing to a two-week ceasefire and reopening of the Strait of Hormuz. Iran’s Supreme National Security Council said it has accepted a two-week ceasefire and its foreign minister said passage through the strait would be allowed for the next two weeks under Iranian military management. Futures for U.S. crude oil sank 14.7 percent to $96.27 a barrel, while Brent crude oil, the international standard, dropped 14.4 percent to $93.48. The price remains well above where it was at the start of the war. Meanwhile as trading in Asia got underway, Japan’s Nikkei rose more than 4 percent and South Korea’s Kospi gained 6 percent. Earlier, U.S. s

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