US equities rallied sharply Wednesday as a two-week US-Iran ceasefire raised
hopes for a reopening of the Strait of Hormuz. The Dow Jones jumped 2.8% (+1,300
points), the S&P 500 rose 2.5%, and the Nasdaq gained 2.8%. Brent crude fell 11%
to $96/bbl, while WTI dropped nearly 14% to $96/bbl. President Trump called it a
“double sided CEASEFIRE,” and Iran’s Abbas Araghchi confirmed safe passage
through the strait during the period.
