An appetite for risk returns after Iran agrees to Trump’s two-week ceasefire plan, setting the stage for the Strait of Hormuz to reopen.
An appetite for risk returns after Iran agrees to Trump’s two-week ceasefire plan, setting the stage for the Strait of Hormuz to reopen.
US stock futures surged on Wednesday, while oil prices cratered amid relief after the US and Iran agreed to a two-week ceasefire that could lead to a reopening of the Strait of Hormuz to shipping.
S&P 500 futures (ES=F) leapt 2.7%, while those on the tech-heavy Nasdaq 100 (NQ=F) rocketed up 3.5%. Dow Jones Industrial Average futures (YM=F) jumped 2.5%, or over 1,000 points.
Global markets across the board are seeing a return of risk appetite after President Trump called for a two-week suspension in hostilities in return for Tehran lifting its blockade of the Strait of Hormuz. He wrote on Truth Social: “I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE!” The call came just hours before the expiry of his 8 p.m. Tuesday deadline to launch a massive bombing campaign on Iran.
Abbas Araghchi, Iran’s minister of foreign affairs, confirmed acceptance of the terms in a statement shortly after Trump’s announcement, saying if attacks on Iran are halted, its own operations would cease, and that “for a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces.”
The reopening of the crucial 21-mile-wide waterway would have the most direct effect on energy markets, which reacted quickly to the news. Oil prices plunged, with Brent crude futures (BZ=F) sinking nearly 14% to just above $94, and West Texas Intermediate crude (CL=F) diving almost 16% to about $95.
Daily Market Coverage Apr. 8, 2026 9AM-11AM (ET) | Yahoo Finance
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