As demand for safe-haven assets decreased, the US dollar depreciated against major currencies. Just 90 minutes before the deadline set by President Donald Trump for Iran to accept a ceasefire and reopen the Strait of Hormuz, a two-week truce was announced. The ceasefire agreed upon by Donald Trump and Iran unleashed a 'wave' of optimism in global markets and led to the largest drop in oil prices in six years. The Nasdaq is the best-performing Wall Street index, rising 3.14 percent to 22,710 points. The Dow Jones advances 2.96 percent to 47,970 units, and the S&P 500 rises 2.57 percent to 6,787 points. Wall Street's so-called 'fear index', the VIX, fell to pre-war levels. Bitcoin surpassed $72,000. How much are oil barrels selling for TODAY, April 8? The price of the WTI mix barrel plummeted 16.96 percent to $93.79, while Brent fell 15.60 percent to $92.22. The plunge in oil prices alleviated concerns about an energy crisis that could fuel inflation, reviving bets that the Federal Reserve will cut rates this year. While ongoing regional hostilities have been reported, the agreement helped alleviate concerns about a global economic recession. Iran has undergone a 'regime change', and the United States will now discuss lifting sanctions with the Islamic Republic, Trump declared in a social media post. 'There will be no uranium enrichment,' he stated, referring to efforts by Washington and Israel to curb the Iranian nuclear program. This lays the groundwork for short-term peace in the Middle East, according to Chris Senyek of Wolfe Research. 'While the evolution of market prices will likely continue to depend on short-term news about shipping traffic in the Strait of Hormuz and any signs of a new escalation, it is increasingly clear that President Trump is seeking an exit,' he affirmed. Airline stocks, which had been affected by fears of a vertiginous rise in fuel prices, soared.
