Oil plunges below $95 as the Dow surges 1,300 in a worldwide rally following a ceasefire with Iran
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April 7, 2026 6:00 PM
NEW YORK (AP) — Oil prices plunged below $95 per barrel, and stock markets surged worldwide Wednesday after President Donald Trump pulled back from his threat to destroy Iran.
The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz and allow oil tankers to exit the Persian Gulf. The Dow Jones Industrial Average rallied 1,325 points, or 2.8%, and the Nasdaq composite soared 2.8% following even bigger gains in European and Asian stock markets.
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