Market Updates
Oil Plunged 20% After US-Iran Agreed to a Two-Week Ceasefire
Barry Adams
08 Apr, 2026
New York City
Stocks shot up on Wall Street, and crude oil prices soared amid a pause in hostilities in the Middle East.
The S&P 500 Index increased 2.7%, and the tech-heavy Nasdaq Composite jumped 3.5% after Iran agreed to safeguard energy products' passage through the Strait of Hormuz.
Just hours before the proposed deadline of 8:00 p.m. ET, the U.S. president suspended his threat to strike Iran's energy and power infrastructures just hours before 8:00 p.m. ET deadline on Tuesday, driving crude oil prices sharply lower and global stock markets higher.
Asian markets reacted first to the temporary ceasefire in the Persian Gulf for two weeks, but lasting peace is not likely to take root for years to come.
Benchmark indexes in Japan jumped 5%; in South Korea, they surged almost 7%; in India, they gained 3%; and in Europe, they jumped around 4%.
The West Texas Intermediate crude oil futures plunged 17% to $93.68 a barrel after the U.S. president delayed his threat to attack Iranian civilian infrastructure by two weeks, contingent on Iran reopening the Strait of Hormuz.
The near-closure of the Iran-controlled waterway, through which about 20% of global oil flows, has roiled financial markets and raised the prospects of slower economic growth and higher inflation.
U.S. Movers
Delta Air Lines soared 12% to $73.67 after the international carrier reported better-than-expected results in its latest quarter.
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