Oil dives below $100, stocks jump after two-week ceasefire agreed

Oil prices slid, stocks and bonds surged, while the safe-haven dollar was knocked back on Wednesday, as a two-week Middle East ceasefire brought some relief to markets on hopes for a resumption of oil and gas flows through the Strait of Hormuz. The news capped weeks of market volatility and geopolitical upheaval after US and Israeli strikes on Iran at the end of February pushed tensions to the brink, with Tehran effectively choking off the strategic waterway that typically carries about 20% of the world's energy supplies. US President Donald Trump on Tuesday agreed to the ceasefire less than two hours before his deadline for Iran to reopen the strait or face devastating attacks on its civilian infrastructure. Market reaction was swift and dramatic, with US crude futures down around 15% to $96.31 a barrel, while Brent futures also slid 13% to $94.71 per barrel. Also Read: US and Iran agre...