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US stocks surged on Monday and oil prices sank as investors welcomed a breakthrough US-Iran deal to end hostilities and reopen the Strait of Hormuz.
The tech-heavy Nasdaq Composite (^IXIC) led gains, soaring 2.2%, while the S&P 500 (^GSPC) jumped 1.3%.
The Dow Jones Industrial Average (^DJI) climbed 1.2% on the heels of Friday's solid gains for Wall Street stocks.
President Trump said late Sunday that the US had reached aceasefire deal with Iran, calling the agreement "complete" in apost to Truth Social.
Talks to finalize the peace deal are expected to begin within 60 days.
The provisional agreement could reopen the crucial Strait of Hormuz waterway to oil tankers as soon as this week, but a return to normal flows is seen as months away.
The two sides are set to meet on Friday in Switzerland to formally sign the interim deal, but a lack of detail about its terms is keepingshipowners and other operators wary.
Oil prices sank, with global benchmark Brent crude futures (BZ=F) down 4.7% to around $83 a barrel.
Meanwhile, West Texas Intermediate (CL=F) futures fell over 5%, but held above $80 a barrel as concerns over supply disruptions eased.
In individual stocks, Fox (FOX,FOXA) shares tumbled 15% after the media giant said it would buy Roku (ROKU) in a$22 billion deal.
The streaming pioneer's stock edged down 1%, erasing premarket gains to back off on Friday's 20% gain.
Wall Street enters the week with momentumfollowing SpaceX's (SPCX) blockbuster public debut on Friday.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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