New York: Global markets have seen major changes as the US and Iran announced a two-week ceasefire. Hopes that oil traffic through the Strait of Hormuz will resume have influenced the market.
US crude oil futures fell more than 15 percent to below $95 a barrel. If prices are still higher than they were before the war, they are considered cheap in the current situation. Brent crude, the global benchmark, also fell by about 12.88 percent.
Stock markets rose strongly. While Dow Jones futures in the US rose by up to 900 points, the S&P 500 and Nasdaq indices also recorded gains of more than 2 percent. Asian markets followed the same trend. Japan’s Nikkei 225 rose 4.4 percent, while South Korea’s Kospi gained 5.6 percent.
But countries around the world have expressed concerns about the ceasefire. Market uncertainty over whether the Strait of Hormuz will be fully opened, as well as the changing nature of US President Donald Trump’s stance, are also a cause for concern.
Despite Iran’s repeated claims that the ceasefire is temporary, state media reports that the war is not over. The reports also say that the military action was stopped on the instructions of the country’s supreme leader.
