The move was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” he\u00a0wrote on Truth Social.<\/a><\/p>\n Iranian Foreign Minister Abbas Araghchi in a post on X on behalf of the country’s Supreme National Security Council said Tehran’s armed forces will “cease their defensive operations.<\/a>“<\/p>\n Trump noted the 2-week ceasefire was subject to Iran agreeing to a complete, immediate and safe opening of the Strait of Hormuz. Araghchi said that safe passage via Hormuz Strait will be possible via coordination with Iran’s armed forces for the next two weeks.<\/p>\n U.S. crude oil prices plunged on the news. The\u00a0West Texas Intermediate<\/a>\u00a0contract for May delivery fell more than 16% to $94.23 per barrel by 7:15 p.m. ET.<\/p>\n Stock Chart IconStock chart icon Asia markets rallied with South Korea’s Kospi surging 5.3%, while the small-cap Kosdaq was up 3.4%. Index heavyweights Samsung Electronics and SK Hynix jumped 7.25% and 9.2%, respectively. <\/p>\n Japan’s Nikkei 225<\/a> widened gains to 4.5%, while the Topix rose 3.2%.<\/p>\n Australia’s S&P\/ASX 200 rose 2.7%.<\/p>\n Hong Kong markets were also set to jump as they resume trading following holiday. The Hang Seng Index futures were at 25,233 compared to its last close at 25,116.53.<\/p>\n “For longer, energy prices were destined to be fairly inflationary around the world. And if there’s now a bit of a belief or some visibility that energy prices can come back down, that’s better for inflation, better for the outlook of central bank cuts and so on,” said Josh Rubin, portfolio manager at Thornburg Investments.<\/p>\n Futures tied to the Dow Jones Industrial Average<\/a>\u00a0rose by 718 points, or 1.5%.\u00a0S&P 500 futures<\/a>\u00a0added 1.6%, and\u00a0Nasdaq 100 futures<\/a>\u00a0climbed 1.7%.<\/p>\n Overnight in the U.S., the\u00a0S&P 500<\/a> inched up 0.08% and closed at 6,616.85, while the\u00a0Nasdaq Composite<\/a>\u00a0advanced 0.10% to settle at 22,017.85. The\u00a0Dow Jones Industrial Average<\/a>\u00a0shed 85.42 points, or 0.18%, closing at 46,584.46.<\/p>\n \u2014CNBC’s Sean Conlon and Lisa Kailai Han contributed to this report.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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