Markets Surge as Iran Cease-Fire Sparks Relief Rally. Oil Prices Tumble.

Stocks looked set to surge and oil prices were tumbling on Wednesday after the U.S. and Iran agreed to a two-week cease-fire, subject to the Islamic Republic immediately reopening the Strait of Hormuz. Futures surged after President Donald Trump wrote on Truth Social that he would suspend attacks on Iran for two weeks if Iran unblocked the Strait of Hormuz.