Trump announced a two‑week suspension of planned U.S. strikes against Iran after talks with Pakistan’s prime minister and military chief.
Iran tentatively accepted a cease‑fire, agreeing to halt defensive operations if the Strait of Hormuz is safely reopened.
S&P 500 futures jumped over 2% while WTI crude oil fell about 13% to $86.21 per barrel after the announcement.
The Strait of Hormuz handles roughly 20% of global oil consumption, making the cease‑fire crucial for oil market stability.