Equity futures surged and crude oil prices declined following a deal to suspend hostilities between Washington and Tehran. The agreement is contingent upon the immediate reopening of the Strait of Hormuz.
- U.S. and Iran agree to a 14-day cease-fire
- Reopening of the Strait of Hormuz is a prerequisite for the deal
- Oil futures saw immediate declines following the announcement
- Equity futures surged on renewed risk-on sentiment
- Announcement originated from President Trump via Truth Social
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