Oil prices plunge and stocks jump after Trump announces conditional ceasefire with Iran

Oil heads for biggest daily fall since pandemic as Iran says it will reopen strait of Hormuz under its managementMiddle East crisis – live updatesUS and Iran agree to provisional ceasefire as Tehran says it will reopen strait of HormuzOil prices tumbled on Wednesday and global stock markets rallied after the US and Iran agreed a two-week conditional ceasefire.Investors welcomed the news that Donald Trump had held off on his threat to bomb Iran into “the stone ages”, while Iran’s foreign minister, Abbas Araghchi, said passage through the strait of Hormuz would be allowed for the next two weeks under the management of Iran’s military. Wall Street recorded its biggest single-day rally in a year. Continue reading...