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.

The S&P 500 rose 1%, while U.S. oil futures fell 7.2%. Energy was the worst-performing stock sector.

The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran.

Disruption to the Strait of Hormuz could cause oil prices to soar above $100 per barrel, according to one estimate.

Georgia drivers are seeing higher prices at the pump this week, with the average cost of regular unleaded gasoline rising to $2.95 per gallon.

Oil futures are set to rise when trading resumes later Sunday, analysts said, with the full impact on energy markets dependent on how Iran responds to the U.S. strikes. Crude prices have jumped since