Jammu, April 8 -- Oil prices plunged below USD 100 a barrel and Asia markets and US stock futures jumped after the US and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz.
Japan's benchmark Nikkei 225 rose 4.8% and South Korea's Kospi gained 5.6%. Futures for the S&P 500 advanced 2.3% as of 9:30 pm EDT, while Dow futures rose 2%.
Futures for US crude oil sank 14.3% to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.3% to $94.74. Oil prices had spiked because the war snarled the production and transportation of crude in the Persian Gulf. Much of that oil exits the gulf through the Strait of Hormuz to reach customers around the world, but Iran had blocked it to enemies.
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