Oil Drops 15%, Stocks Rally on Trumps Ceasefire Deal with Iran

Global markets reacted sharply after US President Donald Trump stepped back from imminent military action against Iran, instead tying a suspension of strikes to Tehran's agreement to a temporary ceasefire and the reopening of the Strait of Hormuz. Within minutes of the announcement, oil prices tumbled, falling by nearly 15 percent, while equities surged across Asia.