Oil prices plunge 12%, S&P 500 futures rally 2% in after hours after Trump floats two-week Iran war ceasefire

https://www.nbcnews.com/business/markets/oil-prices-stocks-trump-iran-ceasefire-rcna267182

Oil prices plunged and U.S. stock futures soared Tuesday evening after President Donald Trump announced "a double sided ceasefire" in the war with Iran at the request of Pakistan, who has been serving as an intermediary in recent talks.

Nonetheless, the price of U.S. crude oil slid more than 12% to $98 per barrel, a stunning drop after it traded as high as $117 earlier in the day.

S&P 500 futures also soared, rising more than 1.8%, while Dow futures spiked by 800 points and Nasdaq 100 futures jumped 2%.

Futures that track the Russell 2000 index rose 2.5%.

The price of natural gas, wholesale RBOB gasoline, and heating oil, which is a proxy for jet fuel, also traded sharply lower on the news of a potential ceasefire.

U.S. crude oil is still up more than 70% since the year began, even after Tuesday night's sharp drop.

Since the beginning of March, marine traffic through the Strait of Hormuz has been effectively halted as tankers hesitated to wade into a narrow waterway so close to the Iranian coast. Ships have also been threatened and struck with drones and projectiles.