Oil prices plunge 15% to below $100, stocks surge and dollar slumps after Trump announces US-Iran ceasefire – business live

Investors relieved by news of two-week ceasefire and temporary reopening of strait of Hormuz; government bond yields fall sharply as rate hike expectations recede

The FTSE 100 index has risen to the highest level since the Tuesday after the US and Israel started attacking Iran.

The UK’s benchmark index rose as high as 10,655.92 this morning, and is now trading 2.4% higher at 10,603, up 253 points. This is the highest since 3 March, the fourth day of the war.

The FTSE 100 has opened 2% higher, while US futures are pointing to an even larger jump when markets open later this afternoon. The S&P 500 notched its fifth consecutive positive session last night, with the index now on track to record a six-day winning streak if it can hold on to pre-market gains, something not seen since October 2025.

Oil prices have moved sharply lower as the ceasefire agreement marks the first meaningful step toward a potential resolution. News that all parties are now working toward reopening the Strait of Hormuz is another clear positive for market sentiment, even if energy markets remain cautious. There is still work to be done, though, and oil prices will likely remain elevated and choppy until there is a more permanent resolution. The return of free-flowing traffic through the Strait of Hormuz, without any Iranian tolls or controls, feels essential if oil prices are going to start trending back toward levels we saw before the conflict began.

Any decision to transit the strait of Hormuz will be based on continuous risk assessments, close monitoring of the security situation, and available guidance from relevant authorities and partners.

At this point, we take a cautious approach, and we are not making any changes to specific services.