New Delhi, April 9 -- Oil prices plunged below $95 per barrel, and stock markets surged worldwide Wednesday after President Donald Trump pulled back from his threat to destroy Iran.

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. The Dow Jones Industrial Average rallied 1,325 points, or 2.8%, and the Nasdaq composite soared 2.8% following even bigger gains in European and Asian stock markets.

To be sure, stock prices are still below where they were before the war. And oil prices are still higher because of the threat of a resumption to the war. The ceasefire already looks ...