Oil prices tumbled on Wednesday and global stock markets rallied after the US and Iran agreed a two-week conditional ceasefire.
Investors welcomed the news that Donald Trump had held off on his threat to bomb Iran into “the stone ages”, while Iran’s foreign minister, Abbas Araghchi, said passage through the strait of Hormuz would be allowed for the next two weeks under the management of Iran’s military. Wall Street recorded its biggest single-day rally in a year.
