Oil prices plunge and US stock futures jump as US and Iran agree to 2-week ceasefire
Earlier, US stocks swung sharply during regular trading as uncertainty about the war with Iran increased after Trump had threatened that a “whole civilization will die tonight, never to be brought back again” if Iran does not meet his deadline at 8 p.m. Eastern time to open the Strait of Hormuz.
Oil prices dropped sharply and US stock futures climbed after US President Donald Trump stepped back from plans to launch major strikes on Iran, easing immediate fears of escalation.
US crude futures fell by more than 15%, while futures for the S&P 500 rose 2.2% by early evening in New York. Dow futures jumped about 930 points, or 2%. The shift came after Trump said late Tuesday he would hold off on attacking Iranian bridges, power plants and other civilian infrastructure, provided Tehran agrees to a temporary ceasefire and reopens the Strait of Hormuz.
Iran’s Supreme National Security Council confirmed it has accepted a two-week ceasefire, and its foreign minister said the vital shipping route would reopen under Iranian military supervision for that period.
Despite the drop, crude futures remained elevated at $96.55 a barrel, reflecting ongoing concerns about supply disruptions. Earlier in the day, markets had been rattled by Trump’s warning that Iran could face devastating consequences if it failed to meet a deadline to reopen the strait.
During regular trading, the S&P 500 fell as much as 1.2% before recovering. It ended the session up 0.1%, while the Dow slipped 0.2% and the Nasdaq gained 0.1%. Markets were also influenced by Pakistan’s prime minister urging a diplomatic extension, which contributed to late-session optimism.
Oil prices have been volatile since the conflict began, briefly exceeding $117 a barrel before settling near $112.95 for May deliveries. Much of the world’s oil passes through the Strait of Hormuz, and any disruption there has raised fears of prolonged inflation and economic strain.
Bond markets also reacted, with the 10-year US Treasury yield easing to 4.24%. However, rates remain significantly higher than before the conflict, continuing to pressure borrowing costs for households and businesses.
Story continues below this ad
The latest developments highlight the ongoing uncertainty surrounding the conflict and its impact on global markets..
The Express Global Desk at The Indian Express delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis.
A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students.
All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence.
Core Team
The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy:
Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership.
Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage.
Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read More
