Middle East Ceasefire Leads to Oil Price Drop and Stock Market Surge
A two-week ceasefire in the Middle East has led to a significant drop in oil prices and a surge in stock markets. The ceasefire, agreed upon by U.S. President Trump and Iran, comes after heightened tensions following U.S. and Israeli strikes on Iran, which had resulted in the closure of the Strait of Hormuz. This strategic waterway is crucial as it carries about 20% of the world's oil and gas. The market reacted swiftly to the ceasefire, with U.S. crude futures dropping around 15% to $96.31 a barrel and Brent futures falling 13% to $95.36 per barrel. Stock markets responded positively, with S&P 500 futures jumping more than 2% and European futures rising over 5%. The U.S. dollar, which had been a safe haven during the crisis, fell broadly. 
