Oil falls below $100 and Dow futures soar 1,000 points on Iran ceasefire deal

Trump said he would suspend bombing operations against Iran in exchange for Tehran agreeing to reopen the Strait of Hormuz

Protesters during a demonstration against U.S. military action in Iran on April 7, 2026 in New York City. (Ryan Murphy/Getty Images)

President Donald Trump announced a two-week ceasefire with Iran late Tuesday, sending oil prices sharply lower and U.S. stock futures soaring after Pakistan brokered a last-minute agreement to allow negotiations to continue.

Trump said he would suspend bombing operations against Iran in exchange for Tehran agreeing to reopen the Strait of Hormuz. "Subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran........

© Quartz