Oil prices slide, stocks surge as Trump announces two-week Iran ceasefire

What Happened

US President Donald Trump announced a two-week ceasefire with Iran on Tuesday. Oil prices dropped 16.5 percent to $94 per barrel. Stock futures surged over 2 percent as markets cheered potential resumption of oil flows through the Strait of Hormuz. Iran agreed to halt attacks if attacks against it stopped. Trump said a long-term peace agreement was progressing based on a 10-point Iranian proposal.

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