Global markets surge on Trump's Iran ceasefire agreement. Oil prices plummeted 16.5% to $94 per barrel as investors cheered the two-week suspension of bombing and attacks. U.S. crude futures jumped over 2% while Asian stock markets posted broad gains after weeks of pressure from geopolitical tensions and soaring energy costs. The Strait of Hormuz, critical for transiting one-fifth of global oil and gas, may resume normal operations. Treasury futures rallied approximately 15 ticks as risk sentiment improved dramatically. The dollar weakened broadly as investors exited safe-haven positions. Gold surged over 2% to $4,812 per ounce. Risk-sensitive currencies strengthened, with the Australian dollar rising 1.3% and the euro gaining 0.76%. Cryptocurrencies also rallied on improved market sentiment. The six-week conflict had previously sent oil soaring and stoked inflation concerns globally.
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