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

NEW YORK (AP) — Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 rose 4.8 percent and South Korea’s Kospi gained 5.6 percent. Futures for the S&P 500 advanced 2.3 percent as of 9:30 p.m. EDT, while Dow futures rose 2 percent. Futures for U.S. crude oil sank 14.3 percent to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.3 percent to $94.74. Oil prices had spiked because the war snarled the production and transportation of crude in the Persian Gulf. Much of that oil exits the gulf through the Strait of Hormuz to reach customers around the world, but Iran had blocked it to enemies. Late Tuesday, Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets. Iran’s foreign minister said passage through the strait would be allowed for the next two weeks under Iranian military management. The dramatic moves in prices are just the lat

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