Investors around the world breathed a sigh of relief at the prospect of peace — and an easing of the global energy crisis.

Oil prices decline following ceasefire involving U.S., Israel, and Iran, impacting global market shares. Gas prices remain stable amid the news.

Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz

The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz and allow oil tankers to exit the Persian Gulf.

Investors cheered the announcement of a two-week ceasefire, which President Trump said is contingent on the reopening of the Strait of Hormuz.

The president vowed anew to destroy Iranian bridges and energy sites if a deal to open the Strait of Hormuz isn’t reached.

U.S. President Donald Trump has warned that a “whole civilization will die tonight” but said Iran still has time to capitulate ahead of a deadline set for 8 p.m. in Washington

Oil prices plunged below $95 per barrel, and stock markets surged worldwide Wednesday after President Trump pulled back from his threat to destroy Iran.