From Wall Street, Oil to Bullion — Here's how asset classes reacted to Trump's ceasefire announcement

US President Donald Trump has announced that the US will halt all military operations against Iran for a period of two weeks to negotiate a deal subject to reopening of the Strait of Hormuz with immediate effect.

Trump made the announcement on his Truth Social account, minutes after futures began trading on Wall Street after the close of regular trading. The announcement sent risk assets, which were beaten down during the war, soaring, while oil prices tumbled sharply.

Here's a look at how asset classes have reacted to the news:

US Futures

Futures on Wall Street have seen a sharp upmove after the President's post.

The Dow futures are trading with gains of close to 900 points, while the S&P 500 and Nasdaq futures surged 145 points and 670 points respectively.

US markets did not react significantly to Donald Trump's "entire civilization will die tonight" post, minutes before trading began on Wall Street on Tuesday. Although the Dow Jones did fall as much as 400 points in early trading, it recovered all of those losses by the close of trade to end just 80 points lower.

In fact, the S&P 500 and Nasdaq ended above the flatline on Tuesday.

Crude Oil & Other Sensitives

The worst hit from Trump's ceasefire announcement has been the crude oil price.

Both Brent and West Texas Intermediate, the US crude variant, fell up to 17% in early Asia trading and slid below the mark of $100 a barrel.

Before the ceasefire announcement, WTI prices had surged to as high as $116.9 a barrel on Tuesday after reports emerged of US attacks on Kharg island, which is a key hub for Iranian energy exports.

Brent had also tested levels of $120 in the early stages of the war but continued to find resistance at that level during multiple attempts made at crossing that.

WTI, before Tuesday's ceasefire announcement, was trading at a premium to Brent for the last two sessions. In fact, WTI's premium over Brent had surged to the highest since the Global Financial Crisis of 2008 on Tuesday.

Gold & Silver

Gold and Silver, traditionally considered haven assets during times of uncertainty, had plunged during the war. The yellow and white metal are both seeing a rebound this morning.

Gold prices in the spot market are up 2.5% and are back above the $4,800 an ounce mark, while Silver too is up close to 4.5% and above the mark of $76 an ounce.

Both Gold and Silver still remain significantly below their recent highs of over $5,600 an ounce and close to $120 an ounce respectively.

US Dollar

The US Dollar had strengthened during the war, but continued to face resistance at the mark of 100.

After briefly testing and crossing levels of 100, the US Dollar index has cooled off substantially and is now trading below levels of 99.