Oil prices plunge 12%, stock futures rally after Trump floats two-week Iran war ceasefire

Iran warOil prices plunge 15%, stock futures rally after Trump floats two-week Iran war ceasefireThe price of U.S. crude oil fell below $100 per barrel, a stunning drop after it traded as high as $117 earlier in the day.Listen to this article with a free account00:0000:00A television station broadcasts a news conference with President Donald Trump on the floor of the New York Stock Exchange (NYSE) in New York City, on Monday.Michael Nagle / Bloomberg via Getty ImagesShareAdd NBC News to GoogleApril 7, 2026, 6:57 PM EDT / Updated April 7, 2026, 7:11 PM EDTBy Steve KopackOil prices plunged and U.S. stock futures soared Tuesday evening after President Donald Trump announced "a double sided ceasefire" in the war with Iran at the request of Pakistan, who has been serving as an intermediary in recent talks.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.In his social media post, Trump said the ceasefire was subject to “to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” Nonetheless, the price of U.S. crude oil slid more than 15% to $95 per barrel, a stunning drop after it traded as high as $117 earlier in the day.S&P 500 futures also soared, rising more than 2%, while Dow futures spiked by 1,000 points and Nasdaq 100 futures jumped 2.6%.Futures that track the Russell 2000 index rose 2.8%. The price of natural gas, wholesale RBOB gasoline, and heating oil, which is a proxy for jet fuel, also traded sharply lower on the news of a potential ceasefire.U.S. crude oil is still up more than 70% since the year began, even after Tuesday night's sharp drop.Since the beginning of March, marine traffic through the Strait of Hormuz has been effectively halted as tankers hesitated to wade into a narrow waterway so close to the Iranian coast. Ships have also been threatened and struck with drones and projectiles. Normally, the Strait of Hormuz carries more than 20% of the worl...