Oil prices are tumbling after President Donald Trump announced a Israel-Iran ceasefire agreement. Oil prices were already falling after Iran launched strikes on a US airbase in Qatar. Markets saw Iran's strikes as a de-escalatory move as Tehran did not target the Strait of Hormuz.

US stocks rose while oil prices plunged sharply Tuesday as investors hoped that President Trump could restore a fragile cease-fire agreement between Israel and Iran. Also on Tuesday, Federal Reserve Chair Jerome Powell said in prepared comments for his testimony to Congress that the central bank is in no rush to cut interest rates as it continues to maintain a “wait-and-see” approach.

Oil prices climbed on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted.Brent crude futures rose 85 cents,