Oil Prices Plunge, Stocks Surge After Iran Pause

0:00Oil prices plunged hard today, while U.S. stock futures jump big after Donald Trump announced a two-week pause on attacks against Iran. This relief rally kicked off as Trump agreed to hold off bombing, with long-term peace talks now underway. Markets got rattled back in late February when the U.S. and Israel struck Iran, prompting Tehran to shut down the Strait of Hormuz that he route for, one-fifth of the world's oil and gas. For six weeks, oil prices spiked, sparking inflation fears, and messing with global rates, but now crude futures dropped 16 percent to 94. Dollars a barrel, and S&P 500 futures, climbed over 2 percent. Meanwhile, the Australian dollar rose 1.3 percent above 70 cents. The Euro gained 0.76 percent, cryptos perked up, and gold surged over 2 percent to $4,812 dollars, as investors bet on oil flowing freely again soon. You've been listening to Adelaide News today, AI-powered local news.