The Korea Times
NEW YORK — Oil prices are plunging back toward $95 per barrel, and stock markets are surging worldwide on Wednesday after President Donald Trump pulled back from his threat to force a “whole civilization” to die in the war with Iran. The S&P 500 leaped 2.1 percent after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz and allow oil tankers to exit the Persian Gulf. The Dow Jones Industrial Average was up 1,076 points, or 2.3 percent, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 2.5 percent higher following even bigger gains in European and Asian stock markets. To be sure, stock prices are still below where they were before the war. And oil prices are still significantly higher because the threat remains that the war could continue and keep oil produced in the Persian Gulf area blocked in the Middle East. Prices for both stocks and oil pared their big moves as the morning progressed, and financial markets have been prone to sudden and extreme reversals since the war began. “Ther
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