India, April 8 -- Global markets reacted sharply after President Donald Trump announced a pause in the US attacks on Iran, just before his 8 PM ET deadline on Tuesday. There was a steep decline in oil prices as equity markets futures surged. Iran is yet to respond to Trump's message about the ceasefire.

FOLLOW: Iran-US war LIVE: Donald Trump announces a two-week ceasefire; includes the complete reopening of the Strait of Hormuz

Announcing a two-week ceasefire, Trump said: "Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMME...