Dow soars 1,400 factors, oil plunges near $90 as Trump announces

Dow soars 1,400 factors, oil plunges near $90 as Trump announces

US shares surged Wednesday morning as oil plunged near $90 after President Trump said he had agreed to a two-week ceasefire with Iran — paving the solution to reopen the Strait of Hormuz.

The Dow Jones Industrial Average soared 1,389 factors, or 3%, as of 9:38 a.m. ET, while S&P 500 and Nasdaq futures jumped 2.5% and three.2%, respectively. 

Brent crude oil costs dropped 16.6% to $91.09 a barrel – its lowest value in almost a month after news that Iran would permit the non permanent secure passage of ships by the strait, a significant maritime route for 20% of the world’s oil provide. 

US inventory futures surged Wednesday morning as oil plunged near $90 a barrel. AFP by way of Getty Images

West Texas Intermediate crude also fell 5.6% to $70.94 a barrel.

In a Truth Social submit Tuesday night, less than two hours before Trump’s deadline for Iran to reopen the strait or face a bombardment of its energy vegetation and bridges, the president announced a “double sided” two-week ceasefire.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote, including that the ceasefire was topic to the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate,” he continued.

This is a growing story. Please check back for updates.

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