Oil prices jumped and global equities pulled back as markets grew increasingly concerned that the ceasefire between the U.S. and Iran might not hold, while tensions over the Strait of Hormuz escalated.

The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz.

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.