Stock markets rose Tuesday after President Trump announced a complete ceasefire between Iran and Israel would begin soon. Trump called the agreement the end of a 12-day war between the two nations. Iran's foreign minister said no official ceasefire deal existed but confirmed Tehran would stop attacks if Israel ended its aggression. Israel had not responded to the ceasefire claims at press time. The announcement came after Iran attacked a US military base in Qatar on Monday.
Oil prices fell sharply as investors worried less about shipping disruptions through the Strait of Hormuz. About one-fifth of the world's oil and gas passes through this narrow waterway. Brent crude oil decreased 2.92 percent to $69.39 per barrel. West Texas Intermediate crude fell 3.18 percent to $66.35 per barrel. Energy markets had surged earlier due to fears about supply chain problems.
American stock futures gained ground before market opening. The S&P 500 futures climbed 0.58 percent to 6,112 points. Dow Jones futures increased 0.51 percent to 43,118 points. Asian markets also posted strong gains across the region. Australia's main index jumped 0.89 percent and South Korea's market surged 2.75 percent.
The US dollar weakened against major currencies as tensions eased. The dollar index slipped 0.32 percent to 98.10 points. The euro gained 0.25 percent against the dollar. Economists expect continued pressure on the dollar from trade policies and budget deficits. Energy independence gives America advantages during oil market disruptions.
Oil prices fell sharply as investors worried less about shipping disruptions through the Strait of Hormuz. About one-fifth of the world's oil and gas passes through this narrow waterway. Brent crude oil decreased 2.92 percent to $69.39 per barrel. West Texas Intermediate crude fell 3.18 percent to $66.35 per barrel. Energy markets had surged earlier due to fears about supply chain problems.
American stock futures gained ground before market opening. The S&P 500 futures climbed 0.58 percent to 6,112 points. Dow Jones futures increased 0.51 percent to 43,118 points. Asian markets also posted strong gains across the region. Australia's main index jumped 0.89 percent and South Korea's market surged 2.75 percent.
The US dollar weakened against major currencies as tensions eased. The dollar index slipped 0.32 percent to 98.10 points. The euro gained 0.25 percent against the dollar. Economists expect continued pressure on the dollar from trade policies and budget deficits. Energy independence gives America advantages during oil market disruptions.
