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TACO Tuesday – Oil Dives, Stocks Surge as Trump Backs Down and Agrees to Two-Week Ceasefire

Business & Policy
April 8, 2026

Oil dived, bonds rallied and stocks surged on Wednesday as a two-week ceasefire in the Middle East was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports.

U.S. President Donald Trump said he agreed to suspend bombing and attacks on Iran for two weeks and that a long-term peace agreement was in progress.

U.S. crude futures fell around 9% to $103 a barrel, S&P 500 futures leapt 1.6% and the dollar fell broadly.

Futures pointed to broad gains for Asia’s stock markets, which have been beaten down by war and soaring energy prices, and 10-year U.S. Treasury futures jumped about 15 ticks.

The risk-sensitive Australian dollar rose more than 0.8% to above 70 U.S. cents and the euro rose 0.4% to $1.1647. Cryptocurrencies also rose.

(Reporting by Tom Westbrook; Editing by Jamie Freed)