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US stock markets opened sharply higher after President Donald Trump signalled a temporary de-escalation in the US-Iran conflict, proposing a two-week ceasefire and easing fears of a prolonged disruption in global energy supplies.The Dow Jones Industrial Average opened over 1,380 points higher, or about 2.7%, while the S&P 500 and Nasdaq Composite gained around 2.5% and 2.1%, respectively, at the start of trading.The rally follows strong gains in pre-market trade after Iran agreed to reopen the Strait of Hormuz for two weeks, subject to a pause in hostilities, boosting investor sentiment.Oil prices fell sharply on easing supply concerns, with US crude (WTI) dropping over 15% to around $95 per barrel, while Brent crude slipped more than 13% to near $94.The positive momentum also builds on the previous session, where US indices ended largely flat with a positive bias amid early signs of a potential ceasefire. Global cues remained supportive, with Asian markets and Indian equities rallying sharply on hopes of de-escalation.

The US Dollar Index dropped more than 1% and is currently hovering around 98.6, putting it on track to erase its gains for 2026.

European stocks soared the most in a year as investors rushed to buy stocks in the wake of the US and Iran agreeing to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz.

The Stoxx Europe 600 index was up 4.3% by 1:35 p.m. in London, the biggest intraday gain since April 2025. Stocks that had fallen the most during the war posted some of the biggest gains. EasyJet Plc and TUI AG jumped more than 10% as travel and tourism stocks led the advance in the index. Energy was the only sector in the red.

Oil and gas prices both plummeted after the US and Iran agreed to a two-week ceasefire aimed at halting the American-Israeli military campaign in exchange for a reopening of the Strait of Hormuz.

Brent fell as much as 17% before trading around $92 a barrel, while European natural gas futures posted their biggest decline in more than two years, shedding as much as 20%. Prices of refined fuels such as diesel and jet fuel — which had been the biggest threats to global inflation — also tumbled.

Wall Street surged in on Wednesday premarket trading as oil prices plunged below $100 after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz.

Futures for the S&P 500 jumped 2.7% before the opening bell and futures for the Dow Jones Industrial Average climbed 2.6%. Nasdaq futures soared 3.4%.

Benchmark U.S. crude sank $18.43 to $94.52 a barrel, a nearly 16% decline. Brent crude, the international standard, dropped $15.54 to $93.73 a barrel. Natural gas futures declined close to 5%.

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