# Global stock markets soared and oil prices dropped significantly on Wednesday.

*business · news · 2026-04-08 · The Economic Times*

## Key points

- President Trump announced a two-week ceasefire with Iran before a key Strait of Hormuz deadline.
- Oil prices dropped sharply, nearing $90 per barrel, following the ceasefire announcement.
- The S&P 500 surged 2.5%, with the Dow Jones up 1,126 points and Nasdaq rising 2.3%.
- European and Asian stock markets experienced even larger gains than US markets after the news.

**Countries:** United States, Iran

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/industry/energy/oil-gas/oil-prices-plunge-global-stocks-surge-as-trump-announces-iran-ceasefire/articleshow/130123376.cms)

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