President Donald Trump said Sunday that the United States and Iran had reached a deal to reopen the Strait of Hormuz, signaling a possible end to a 15-week conflict that disrupted global oil supplies and stoked fears of economic turmoil.
The secretariat of Iran's Supreme National Security Council said war and military operations on all fronts, including Lebanon, would end permanently starting on Monday night, according to a statement carried by state news agency IRNA.
Oil prices slumped, and stocks soared after the news broke.
International Brent crude oil futures were 4.2% lower at $83.71 per barrel at 2:32 a.m. ET on Monday. US West Texas Intermediate futures were 4.9% lower at $80.76 per barrel.
US stock futures were higher, with S&P 500 futures up 1.2%, Dow futures up 1%, and Nasdaq futures jumping 1.9%.
