Oil prices slide, stocks surge as Trump announces two-week Iran ceasefire

Oil prices fell by 16.5% to $94 a barrel following the announcement of a two-week ceasefire between the US and Iran. US President Donald Trump stated he would suspend attacks on Iran, leading to a surge in stocks and a decline in the dollar. Iran agreed to coordinate safe passage through the Strait of Hormuz during this period, having previously closed the key waterway after US and Israeli attacks at the end of February.