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Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
Markets rallied after U.S. President Donald Trump announced an 11th-hour cease-fire on Tuesday evening, averting the passing of a deadline for Iran to reopen the Strait of Hormuz or face strikes on its civilian infrastructure.
The off-ramp came after Trump had escalated his threats, warning that “a whole civilization” would “die” and Iran would be back to the “Stone Ages,” if his demands were not met.
An Iranian official has since confirmed Tehran would abide by the ceasefire and allow safe passage through the Strait of Hormuz, a key artery for global oil flows.
