Oil Prices Plummet, Markets Soar After Iran Ceasefire

0:00On April 8th, oil prices tamed hard on Tuesday after President Trump announced a two-week ceasefire with Iran, paving the way to reopen the straight-of. Hormuz This marked the biggest one-day drop since the 1991 Gulf War, with natural gas and heating oil prices falling right alongside crude. Markets lit up in response. Dow futures jumped 1,000 points. Nasdaq 100 futures climbed nearly 3 percent, and S&P 500. Treasury rose over 2.5 percent. Treasury yields dipped a touch too, with a 10-year note sliding to 4.24 percent, from 4.30 percent, though there. Still higher than pre-war levels and pinching mortgages and loans. The war kicked off February 28th, choking off 20 percent of global oil flows through that key strait, but now with Pakistan and China. Brogaring talks, Iran floated a 10-point peace plan while both sides pause attacks, eyes are on whether this sticks long-term.