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Oil dives, stocks surge as Trump agrees two-week ceasefire
By Reuters
SINGAPORE – Oil dived, bonds rallied and stocks surged on Wednesday as a two-week ceasefire in the Middle East was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports.
US President Donald Trump said he agreed to suspend bombing and attacks on Iran for two weeks and that a long-term peace agreement was in progress.
US crude futures fell around 9% to USD 103 a barrel, S&P 500 futures leapt 1.6% and the dollar fell broadly.
Futures pointed to broad gains for Asia’s stock markets, which have been beaten down by war and soaring energy prices, and 10-year US Treasury futures jumped about 15 ticks.
The risk-sensitive Australian dollar rose more than 0.8% to above 70 US cents and the euro rose 0.4% to USD 1.1647. Cryptocurrencies also rose.
(Reporting by Tom Westbrook; Editing by Jamie Freed)
This article originally appeared on reuters.com