June S&P 500 E-Mini futures (ESM26) are trending up +2.82% this morning as oil prices fell the most in years after the U.S. and Iran agreed to a two-week ceasefire, boosting investors’ appetite for risk.
The price of WTI crude tumbled more than -17% on Wednesday after President Trump said he had agreed to pause attacks on Iran for two weeks, contingent on the immediate reopening of the Strait of Hormuz. Iran’s Supreme National Security Council agreed to permit “safe passage” of ships through the strait and said negotiations with the U.S. will begin on Friday. In a social media post early Wednesday, Mr. Trump said the U.S. would be “helping with the traffic buildup” through the strait. “There will be lots of positive action! Big money will be made. Iran can start the reconstruction process,” he wrote.
