STORY: Oil prices dived and stocks surged on Wednesday after the announcement of a two-week ceasefire in the Middle East.
U.S. President Donald Trump said he had agreed to suspend bombing and attacks on Iran and that a long-term peace agreement was in progress.
Following the news, U.S. crude futures plunged as much as 16.5% to hit $94 a barrel.
Asia's stock markets, which have been beaten down by war and soaring energy prices, saw a big jump.
Japan's Nikkei index surged more than 5% by mid-morning.
In South Korea, the benchmark Kospi index was up close to 6%.
:: CENTCOM
Global markets have been rattled since the U.S. and Israel attacked Iran at the end of February, leading Tehran to effectively close the Strait of Hormuz.
The six-week conflict has sent oil prices surging, with countries and companies scrambling to adjust to the energy shock.
An analyst said that "markets have been predicting that Trump was looking for an off-ramp in Iran. Today, he got one and took it."
